“The members of the committee discussed the economic and financial repercussions resulting from the current conflicts, including the war in Ukraine, the humanitarian crisis in Gaza, and shipping disruptions in the Red Sea,” Mohammed Al-Jadaan, Saudi Minister of Finance and Chairman of the Committee, said in a statement.
The statement added, “Noting that the International Monetary and Financial Committee is not the platform for resolving geopolitical and security issues and that these issues will be discussed in other forums, the members of the committee acknowledged that these situations have major repercussions on International Economy. The current era must not be an era of wars and conflicts.”
Al-Jadaan explained that the need for fragmentation resulting from geopolitical tension negatively affects the global economy, but some countries benefited from the diversification of supply chains that accompanied this situation.
International Monetary Fund Director Kristalina Georgieva said that the spring meetings of the International Monetary Fund and the World Bank this week in Washington focused on enhancing global economic growth.
“What we want is a world in which growth is stronger, living standards are higher, and low-income countries do not collapse. A world that is more resilient to the shocks that will continue in the future,” she added.
Georgieva urged countries to “get the job done” with regard to controlling inflation, and to continue rebuilding cash reserves that were depleted by the (Covid-19) pandemic and the subsequent cost of living crisis.
