Statement by H. E. Mohammed A. Aljadaan - 105th Meeting of the Development Committee - April 22, 2022 - Global Economic Setbacks and Priority Actions

Jul 19, 2026

Statement by H. E. Mohammed A. Aljadaan, Minister of Finance of the Kingdom of Saudi Arabia, delivered at the 105th Meeting of the Development Committee on April 22, 2022 in Washington, DC. The statement highlights consecutive global shocks worsened by geopolitical tensions and the COVID-19 pandemic, emphasizing the need for coordinated action by the World Bank Group and the IMF. Priority focus areas include support for low-income and fragile contexts, addressing food insecurity through financing and policy measures, and ending the pandemic while sustaining an inclusive economic recovery.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

The Global Context: Tackling Global Economic Setbacks

Supporting the most-affected member countries

Addressing growing food insecurity

Ending the pandemic and supporting economic recovery

WBG Response to Global Impacts of the War in Ukraine

Proposed roadmap

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND FIFTH MEETING WASHINGTON, DC – APRIL 22, 2022 DC/S/2022-0022 April 22, 2022 Statement by H. E. Mohammed A. Aljadaan Minister of Finance The Kingdom of Saudi Arabia Statement by H.E. Mohammed A. Aljadaan Minister of Finance The Kingdom of Saudi Arabia 105th Meeting of the Development Committee April 22, 2022 Washington, DC The Global Context: Tackling Global Economic Setbacks The world today is confronting consecutive and compounding shocks. The recent geopolitical tensions are adding to the already daunting challenges that developing countries have been facing since the onset of the COVID-19 pandemic. Indeed, increasing supply chain disruptions, exacerbating debt vulnerabilities, growing food insecurity and tightening financial conditions have all made the development landscape more challenging and complicated. This situation makes the role of the World Bank Group (WBG) and the International Monetary Fund (IMF) even more critical. The WBG and the IMF must work together to tackle global economic setbacks stemming from the recent geopolitical tensions and the ongoing COVID-19 pandemic. At the same time, both institutions must not lose sight of the critical actions needed today to build longer-term resilience and sustainability – and we can only succeed by working together. Against this backdrop, the top priorities at this critical juncture should be to: • Continue the support to the most-affected member countries. Low-income countries (LICs) and fragile and conflicted-affected states (FCS) are facing today’s extraordinary shocks with deep structural challenges and long-standing vulnerabilities, including high debt levels and pressing development needs. Today, about 1.8 billion people live in fragile and conflict contexts, representing 24 percent of the global population. By 2030, these numbers are projected to increase to 2.3 billion and 28 percent, respectively. Indeed, the world today is witnessing an increasing trend of fragility and conflict, with significant spill overs that can undermine stability and growth prospects in other countries. Thus, supporting LICs and FCS is an important policy priority for the international community and collective efforts should be stepped up to accelerate international support to these countries. In this context, I appreciate the WBG’s commitment to LICs and FCS, which is evidenced by nearly tripling IDA financing to FCS in the last five years. I would like also to take this opportunity to direct the WBG and IMF attention to LICs and FCS in the Middle East and North Africa (MENA) region, who are facing dire and compounding challenges and need extraordinary and scaled-up support from both institutions. • Address the growing food insecurity. With almost 300 million people facing acute food insecurity, we should all be deeply concerned about the impact of increasing food prices and supply shortages, particularly on low-income households who spend a larger share of their income on food. Indeed, WBG’s estimates show that 10 million people are thrown into poverty worldwide for each onepercentage point increase in food prices. To this end, I encourage the WBG to ensure timely financing and policy advice to strengthen domestic food production, bolster social safety nets, and unlock trade finance. The WBG should also combine its short-term responses with longer-term interventions to address the underlying vulnerabilities in food systems. In particular, I would like to highlight that the MENA region is the largest importer of grain in the world, with some countries in the region depending on imports for more than 95 percent of their wheat consumption. Indeed, while the MENA region accounts for only 6 percent of the world’s po

FAQs

Why does the statement stress the need for closer cooperation between the World Bank Group and the IMF?

It argues that global economic setbacks are being compounded by geopolitical tensions and the COVID-19 pandemic, making coordinated action essential to improve both short-term response and longer-term resilience.

What are the statement’s key policy priorities at this critical juncture?

The statement prioritizes continued support for low-income and fragile and conflict-affected states, actions to address food insecurity, and efforts to end the pandemic while enabling a strong and inclusive economic recovery.

How does the statement propose tackling food insecurity in vulnerable regions such as MENA?

It calls for swift emergency responses with expedited disbursement, supported by advisory and technical assistance, along with measures to strengthen domestic food production and social safety nets.

Jul 19, 2026

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