ALULA: Saudi Arabia’s Finance Ministry and the International Monetary Fund co-hosted on Sunday a high-level roundtable aimed at addressing economic recovery in conflict-affected countries in the Middle East, with a particular focus on the Syrian Arab Republic.
The meeting, held on the sidelines of the inaugural AlUla Conference for Emerging Market Economies, brought together regional finance ministers, the Syrian foreign minister, the managing director of operations at the World Bank Group, and representatives from international financial institutions and the Arab Coordination Group.
Following the discussion, IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al-Jadaan issued a joint statement emphasizing the significance of international cooperation in rebuilding economies devastated by conflict, the Saudi Press Agency reported.
They stressed the urgency of addressing humanitarian needs and facilitating a durable recovery, underscoring the commitment of participating nations and institutions to pool their expertise and resources to support affected populations, SPA added.
Participants highlighted the wider regional consequences of prolonged instability, reinforcing the need for coordinated recovery efforts. Syria remained a focal point of the discussions.
As part of a collective strategy, attendees identified three priorities for supporting conflict-affected economies.
First, they agreed on the necessity of a continuous diagnostic process to assess each country’s unique challenges, humanitarian requirements, and reconstruction needs. This would include evaluating gaps in institutional frameworks, economic policies, and financial resources.
Second, they underscored the importance of enhanced capacity development, with an emphasis on scaling up IMF and World Bank initiatives to strengthen key institutions, particularly in fiscal, monetary, and banking sectors.
Lastly, they emphasized the mobilization of financial assistance from the global community, stressing the importance of securing coordinated support from international and regional development partners for reconstruction and humanitarian programs.
The IMF, World Bank, and Arab Coordination Group reaffirmed their commitment to working together within their respective mandates to facilitate economic recovery efforts in the region.
To enhance these efforts, they agreed to establish an informal coordination group that will oversee ongoing initiatives. Further discussions are scheduled to take place at the upcoming IMF/World Bank Spring Meetings, set to be held in Washington, from April 25-27.
The meeting saw participation from regional governments, international financial institutions, and high-level Syrian representatives, marking a significant step toward a collaborative and sustained approach to economic recovery in the Middle East.
