New york: On behalf of Minister of Finance and Chair of International Monetary and Financial Committee (IMFC) at the International Monetary Fund Mohammed Aljadaan, Deputy Chair of IMFC Dr. Ryadh Alkhareif participated in the high-level meeting of the United Nations Economic and Social Council (ECOSOC) Forum on Financing for Development, held at United Nations Headquarters in New York, with the participation of the Bretton Woods institutions.

According to Saudi Press Agency, Dr. Alkhareif delivered an opening speech in which he addressed the most prominent challenges facing the global economy and the increasing pressures it imposes on financing for development, especially in low-income and conflict-affected countries. He emphasized the importance of strengthening international coordination and developing tools for joint action to enable countries to access the financing necessary to achieve their development priorities.

He reiterated the committee's commitment to supporting low-income and conflict-affected countries, including improving debt restructuring mechanisms within the joint framework launched during Saudi Arabia's presidency of the G20 in 2020, which contributes to alleviating debt burdens and enhancing the ability of these countries to continue development spending and achieve economic stability.

He also highlighted the Diriyah Guiding Principles, which were led by the Kingdom of Saudi Arabia chairmanship and unanimously approved by the members of the IMFC, marking a historic step in the path of quota and governance reforms at the IMF, and the first of its kind in more than 15 years. He noted that the Diriyah Principles represent a framework that leads the next phase of the Fund's reforms, in a way that enhances the efficiency and fairness of the international financial system.