Saudi finance minister: Global economic challenges affected development in low-income countries

Saudi finance minister: Global economic challenges affected development in low-income countries

Saudi Minister of Finance Mohammed Aljadaan has participated in the forum and ministerial meetings of the OPEC Fund for International Development, which were held on June 20 and 21, in Vienna, Austria, with the participation of the Ministers of Finance of OPEC Fund's member states. The forum included several sessions where participants discussed the current development landscape, the future of development financing, sustainable food systems, climate innovation for a sustainable future and policies and partnerships that prioritize people and the planet. During His speech in the forum, under the theme "The Development Landscape and the Future of Development Finance," Aljadaan said that "Multilateral Development Banks are one of the main ways to support sustainable development globally, by providing multilateral solutions to development issues. They evidently made extraordinary efforts to support low- and middle-income countries since 2020." "While COVID-related challenges have subsided, the global economy is facing multiple overlapping challenges, including food insecurity, inadequate access to water and energy and rising debt levels, with the poorest countries affected the most. Thus, multilateral development banks need to reinvigorate themselves to deliver a more ambitious, nationally driven, and globally coordinated effort that improves peoples' lives in an inclusive, sustainable and just manner," Aljadaan