Marrakech, Oct 13, 2023, Saudi Finance Minister, Mohammed bin Abdullah Aljadaan, took part in a high-level seminar titled "Reform Priorities for Tackling Debt," held during the 2023 World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco. This event, attended by finance ministers, central bank governors, and leaders of international and regional organizations, centered on strategies to enhance the resilience of low-income nations to debt risks. Discussions revolved around domestic reforms for economic growth, improved spending policies, revenue mobilization, and debt management.
Minister Aljadaan shared the platform with IMF Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, Zambia's Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, and Anna Gelpern, Professor of Law and International Finance at Georgetown University.
Panelists emphasized the need for increased support from the international community through concessional financing and more effective sovereign debt restructuring processes to ensure timely and predictable debt relief.
Aljadaan highlighted Saudi Arabia's commitment to enhancing public debt sustainability for low-income countries, citing initiatives launched during its G20 Presidency in 2020, including the Debt Service Suspension Initiative (DSSI) and the Common Framework Initiative. He called for greater efforts to implement the Common Framework, the most inclusive mechanism, engaging all stakeholders in providing effective debt relief. He urged international organizations to support countries in managing the challenges posed by high borrowing costs and public debt.
