IMFC members acknowledged the significant impacts on the economy but emphasized that the body is not the forum to resolve geopolitical and security issues.

The IMFC's role is to advise and report on the supervision and management of the international monetary and financial system, including responses to events that may disrupt it.

The IMF itself and the world have faced multiple global disruptions in recent years.

The Saudi minister, who is the new chair of the IMFC, expressed optimism about the improving global economy but warned of challenges ahead, including ongoing conflicts and persistent inflation.

The IMFC thanked the outgoing chair and welcomed the new one during the Spring Meetings of the IMF and World Bank.

Al-Jadaan noted that economic activity has been more resilient than expected in some areas, but growth prospects are weak in parts of the world due to conflicts.

He also cautioned that while inflation has decreased in most regions, it remains a concern due to supply shocks and tight monetary policy.

Overall, Al-Jadaan emphasized the need for vigilance and preparedness to address economic challenges and avoid an era of war and conflict.

The global economy faces balanced risks with potential downsides related to inflation and interest rates, asset prices and financial stability, fiscal policy actions, and geopolitical developments.

Challenges include climate change, debt vulnerabilities, rising inequality, and geoeconomic fragmentation.

Policy priorities include price stability, fiscal sustainability, and financial stability, with a focus on protecting the most vulnerable and enhancing growth-promoting investments.

Central banks will continue to communicate policy objectives to limit negative spillovers.

The text summarizes a statement made by Saudi Arabia's Finance Minister, Mohamed Al-Jadaan, during an IMF meeting.

He discussed the need to address gaps in the financial sector, particularly for nonbank institutions, and the use of macroprudential tools to mitigate systemic risks.

International cooperation was emphasized to improve the global economy and monetary system, with a focus on supporting climate and digital transitions.

Al-Jadaan also reiterated the IMF's commitments on exchange rates, addressing global imbalances, governance, and avoiding protectionist measures.

The text summarizes a statement made by Mohamed Al-Jadaan, the Saudi Arabian Finance Minister, during an IMF meeting.

He emphasized the importance of collaborating to strengthen the global financial safety net and address debt vulnerabilities in vulnerable countries.

The IMF will continue its role in providing financial assistance to members facing balance of payments issues and working towards economic stability and inclusive growth.

Additionally, the IMF aims to improve regional representation by welcoming a new Executive Board chair for Sub-Saharan Africa in November.

The organization also plans to attract and develop talent, improve staff diversity, and address specific challenges identified in their Diversity and Inclusion Report.

The text reports that an announcement was made regarding the upcoming IMFC (International Monetary and Financial Committee) meeting for its 24 members, which is expected to take place in October.

Typically, representatives gather twice a year at the IMF's Annual and Spring Meetings to discuss and outline the proposed agenda for the IMF's work program.