The following are highlights of remarks delivered by H.E. Ayman Al-Sayari, Governor of the Saudi Central Bank (SAMA), during the 2024 spring meetings of the International Monetary Fund (IMF) and World Bank Group (WBG) in Washington, D.C.

Speaking at the International Monetary and Financial Committee Plenary Session, Governor Al-Sayari emphasized the resilience of the global economy amidst challenging conditions, noting that the risks to the global economic outlook have become more balanced.

Governor Al-Sayari stated that policymakers should remain vigilant to significant challenges such as the widening growth divergence among regions and countries, increasing food insecurity, and the persistence of elevated sovereign debt vulnerabilities. He stressed the importance of international cooperation and a fair and open international trading system to foster more resilient, prosperous and equitable global growth, particularly for Low-Income Countries (LICs). He also highlighted the need to shift global policy focus towards strengthening fiscal sustainability in order to rebuild buffers, safeguard public finances and support a deceleration in inflation rates.

The Governor noted the IMF’s crucial role in addressing the current challenges and underscored the importance of continuously reviewing its debt and lending policies to assist members in ensuring their stability and resilience against economic shocks. He also emphasized the importance of carefully tailoring structural reforms to each country’s specific needs and circumstances. Al-Sayari also praised the IMF’s role in providing its members with timely support to ease liquidity pressures and stabilize vulnerable economies. He stressed the need to foster international cooperation, especially in sovereign debt restructurings through the G20 Common Framework.

Governor Al-Sayari also highlighted the role of international collaboration in supporting IMF members’ efforts to drive digital advances in their economies while maintaining global financial stability. In addition, the Governor stressed the importance of coordinated international action to reduce global inequalities, and the importance of strengthening institutions and policymaking capabilities to support the delivery of development initiatives.