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International Coalition Addresses Economic Recovery for Conflict-Affected Middle East
Finance leaders focus on Syria amid ongoing humanitarian challenges at the AlUla Conference.
On October 1, 2023, Saudi Arabia's Ministry of Finance and the International Monetary Fund (IMF) co-hosted a high-level roundtable dedicated to supporting recovery efforts in conflict-affected economies in the Middle East, with a particular concentration on Syria.
This meeting occurred on the sidelines of the inaugural annual global AlUla Conference for Emerging Market Economies, attended by finance ministers from various regional countries, the Syrian Minister of Foreign Affairs, and senior representatives from international financial institutions including the World Bank Group and the Arab Coordination Group.
IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al-Jadaan issued a joint statement, acknowledging the meeting's significance in galvanizing regional and international participants.
"This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies, with a focus on Syria," they stated.
The officials expressed appreciation for the engagement of all parties, underscoring the urgent need to address humanitarian challenges and establish a framework for economic rebuilding.
The attendees highlighted a shared understanding of the difficulties faced by conflict-impacted nations and the necessity for enhanced coordination to mitigate broader regional repercussions.
Key points of discussion included the potential negative spillover effects on surrounding countries resulting from prolonged instability and economic distress in the affected areas.
The participants identified several priorities for fostering recovery in conflict-affected regions:
Continuous Diagnostic Assessments: A commitment to ongoing evaluation of each country’s socio-economic conditions, alongside identifying humanitarian and reconstruction needs.
These assessments aim to pinpoint institutional priorities and funding requirements.
Enhanced Capacity Development: Initiatives to accelerate capacity development within the IMF and the World Bank, tailored to strengthening the essential functions of fiscal, monetary, and banking institutions.
Mobilization of Financial Assistance: The need for coordinated financial support from the international community to implement comprehensive reform programs, which would encompass reconstruction efforts and humanitarian aid.
The IMF, the World Bank, the Arab Coordination Group, and other regional countries reaffirmed their commitment to collaborate and complement each other's initiatives while adhering to their institutional missions.
An informal coordination group is set to be established to facilitate these efforts, and continued discussions are scheduled for the upcoming IMF/World Bank Spring Meetings in Washington, D.C. from April 25-27, 2024. Attendees included representatives from the IMF, World Bank, regional nations, members of the Arab Coordination Group, and high-ranking officials from Syria.
This meeting occurred on the sidelines of the inaugural annual global AlUla Conference for Emerging Market Economies, attended by finance ministers from various regional countries, the Syrian Minister of Foreign Affairs, and senior representatives from international financial institutions including the World Bank Group and the Arab Coordination Group.
IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al-Jadaan issued a joint statement, acknowledging the meeting's significance in galvanizing regional and international participants.
"This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies, with a focus on Syria," they stated.
The officials expressed appreciation for the engagement of all parties, underscoring the urgent need to address humanitarian challenges and establish a framework for economic rebuilding.
The attendees highlighted a shared understanding of the difficulties faced by conflict-impacted nations and the necessity for enhanced coordination to mitigate broader regional repercussions.
Key points of discussion included the potential negative spillover effects on surrounding countries resulting from prolonged instability and economic distress in the affected areas.
The participants identified several priorities for fostering recovery in conflict-affected regions:
Continuous Diagnostic Assessments: A commitment to ongoing evaluation of each country’s socio-economic conditions, alongside identifying humanitarian and reconstruction needs.
These assessments aim to pinpoint institutional priorities and funding requirements.
Enhanced Capacity Development: Initiatives to accelerate capacity development within the IMF and the World Bank, tailored to strengthening the essential functions of fiscal, monetary, and banking institutions.
Mobilization of Financial Assistance: The need for coordinated financial support from the international community to implement comprehensive reform programs, which would encompass reconstruction efforts and humanitarian aid.
The IMF, the World Bank, the Arab Coordination Group, and other regional countries reaffirmed their commitment to collaborate and complement each other's initiatives while adhering to their institutional missions.
An informal coordination group is set to be established to facilitate these efforts, and continued discussions are scheduled for the upcoming IMF/World Bank Spring Meetings in Washington, D.C. from April 25-27, 2024. Attendees included representatives from the IMF, World Bank, regional nations, members of the Arab Coordination Group, and high-ranking officials from Syria.
