Those in charge of Arab financial institutions should review their work strategies and directions in light of the global changes and the region’s requirements by considering the priorities and needs of the citizens, Saudi Minister of Finance Mohammed Al-Jadaan said on Thursday.
Speaking at the inauguration of the annual joint meetings of the Arab financial institutions in Jeddah, Al-Jadaan said many Arab countries have begun to recover from the effects of the pandemic and return to growth paths.
Citing Arab Monetary Fund estimates, he added that the Arab economies are expected to see a growth rate rising in 2022 to about 5 percent, compared with 2.9 percent in 2021.
“The growth will be driven by the relative improvement in global demand levels, high growth rates in the oil and gas sectors, and the continued adoption of stimulus packages by Arab governments to support economic recovery,” he said.
The Kingdom has overcome the effects of the pandemic by supporting economic activity, which was estimated to be about 13.9 percent of GDP, Al-Jadaan said.
He noted that the achievements in information technology and digital transformation that the Kingdom started in 2016 within the Vision 2030 blueprint helped contain the pandemic and quickly return to normal life.
The minister said that Saudi Arabia has also presented qualitative initiatives of interest to the region and the world to face climate changes, most notably the Saudi Green, the Middle East Green Initiatives, and the circular carbon economy framework.
To reduce carbon emissions and support the stability of economic growth, Al-Jadaan called on Arab financial institutions to benefit from the environmental initiatives that the leaders approved during the 2020 G20 Riyadh Summit.
A Council of Arab Finance Ministers meeting was also held on the sidelines of the event to discuss financial and economic issues and coordinate Arab countries’ positions with international financial organizations, led by the World Bank and the International Monetary Fund.