WASHINGTON DC: Ayman Al-Sayari, the governor of the Saudi Central Bank, emphasized on Friday the resilience of the global economy despite ongoing challenges.
Speaking at the International Monetary and Financial Committee during the IMF and World Bank Group annual meeting, he noted positive signs of growth and a gradual decrease in inflation, but cautioned about rising global sovereign debt, calling for credible fiscal and debt management reforms to sustain financial stability.
Al-Sayari highlighted the International Monetary Fund’s critical role in fostering consensus and supporting international trade by countering protectionist practices.
He praised the body’s policy advice and technical assistance as essential for countries seeking economic resilience.
Al-Sayari also spoke of the Kingdom’s robust non-oil growth, low inflation, record-low unemployment, and solid banking sector as outcomes of Vision 2030’s economic transformation agenda.
Since the beginning of the COVID-19 pandemic Saudi Arabia has provided over $36 billion in development assistance and contributed more than $200 million to the IMF’s Poverty Reduction and Growth Trust’s Subsidy Account, he added.
He concluded by stressing the importance of multilateral cooperation to tackle rising debt and economic vulnerability in low-income nations, warning that inaction risked a global debt crisis that could destabilize the financial system.