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  • 22-05-23

    Saudi Finance Minister Emphasizes Economic Integration, Cooperation Among Arab Nations

    (MENAFN) Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, highlighted the significance of economic integration and increased cooperation among Arab nations, as well as the development of sustainable economic and financial models. He stressed that these measures are essential for enhancing resilience in the face of global crises and the challenges and risks encountered by the Arab world. Al-Jadaan made these remarks during the 32nd Arab League Summit held in Jeddah, hosted by Saudi Arabia. The summit marked the welcoming back of Syria and its president, Bashar Assad, to the organization after a 12-year suspension.

    Expressing his support for Syria's return to the Arab League, Al-Jadaan emphasized Saudi Arabia's commitment to creating favorable conditions for economic stability in the region. The Kingdom has undertaken various initiatives and programs to promote Arab cooperation, demonstrating its dedication to fostering sustainable economic growth.

    One area of focus highlighted by Al-Jadaan was the collaboration between Saudi Arabia and the Arab Coordination Group institutions to enhance food security. He mentioned a substantial financial support package worth over USD10 billion, aimed at addressing food security challenges in the Arab world. This initiative reflects Saudi Arabia's commitment to ensuring access to sufficient and sustainable food supplies for the region.

    The minister also addressed the issue of debt challenges faced by countries and reiterated Saudi Arabia's dedication to finding solutions. He mentioned the launch of the Common Framework for Debt Treatments, a mechanism approved by the G20 leaders during their summit in Riyadh in 2020. This framework serves as the internationally agreed-upon mechanism for restructuring the debt of countries experiencing repayment difficulties. Al-Jadaan highlighted the importance of this framework in addressing debt-related issues and reaffirmed Saudi Arabia's commitment to supporting countries in need.

    Overall, Al-Jadaan's statements at the Arab League Summit underscored Saudi Arabia's proactive approach to promoting economic integration, cooperation, and sustainable development within the Arab world. The Kingdom's initiatives in various sectors, including food security and debt treatment, demonstrate its commitment to fostering stability and resilience in the region.

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