Latest news with #Al-Jadaan
Gulf Insider
2 days ago
- Business
- Gulf Insider
Saudi Arabia to Review Spending Priorities
Saudi Arabia will review its spending priorities after the oil price decline, and will consider whether to delay or accelerate some projects, the Kingdom's Finance Minister, Mohammed Al-Jadaan, told the Financial Times in an interview published on Thursday. Saudi Arabia needs oil prices at about $90 per barrel to balance its budget. The world's top crude oil exporter is already running a higher-than-planned deficit, which is set to swell with the oil price dip in the second quarter. With oil prices having crashed into the $60 a barrel range, the Kingdom will look to avoid falling again into the 'trap of booms and busts,' Al-Jadaan told FT. A 'crisis provides us an opportunity to take stock and consider', the minister added. 'Should we delay? Should we reschedule? Should we accelerate?' Al-Jadaan said. Last week, Saudi Minister of Economy and Planning, Faisal Alibrahim, said that the Kingdom is always ready for multiple oil price scenarios. 'We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out,' Alibrahim said at the Qatar Economic Forum in Doha. Saudi Arabia booked a hefty budget deficit for the first quarter of the year, even before oil prices plunged in April. Saudi Arabia's budget deficit jumped to $15.6 billion (58.7 billion Saudi riyals). That's already more than half of the deficit the Kingdom had forecast for the full year—a deficit of $27 billion (101 billion riyals). The second-quarter deficit will be even higher than in Q1, as oil prices have languished in the low $60s per barrel Brent since they crashed in early April. All the deficit in the first quarter was covered by borrowing, suggesting that Saudi Arabia prefers to continue tapping debt markets to using central bank foreign currency reserves. With oil at $60-$65 per barrel, Saudi Arabia may have to accelerate borrowings and defer planned investments in its mega initiatives such as the futuristic city of Neom, analysts say. Also read: Refiners Expect Saudi Arabia to Cut Oil Price
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Al-Jadaan underscores pivotal Saudi, Chinese roles in promoting global economic integration
Saudi Gazette report RIYADH — The Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee convened its fourth meeting via video conference on Wednesday. The session was co-chaired by Saudi Minister of Finance Mohammed Al-Jadaan and Chinese Minister of Finance Lan Fo'an, with the participation of senior officials and representatives from both sides. Discussions focused on strengthening bilateral and multilateral economic and financial cooperation between Saudi Arabia and China, improving the effectiveness of international financial institutions, and furthering the strategic partnership between the two countries. Participants exchanged views on enhancing collaboration in key areas including tax policy, capital markets, banking regulations, financing, infrastructure development, and public-private partnerships. In his speech, Al-Jadaan underscored the pivotal roles of Saudi Arabia and China in promoting global economic integration through active engagement in multilateral platforms. He emphasized that such platforms offer a valuable opportunity to support emerging economies and contribute to development, poverty reduction, and inclusive global dialogue. He highlighted the importance of deepening trade and investment ties, enhancing financial integration, and aligning economic policies to promote shared prosperity and sustainable growth. Al-Jadaan called for greater innovation, strengthened research and development, and expanded public-private partnerships to create a more inclusive and competitive financial ecosystem. The minister noted the Kingdom's promising investment prospects for Chinese partners, particularly in infrastructure, tourism, and industrial sectors, as well as in collaboration with Saudi public sector entities. Speaking during the session titled 'Economic and Financial Multilateral Coordination,' Vice Minister of Finance Abdulmuhsen Al-Khalaf praised the leadership roles of Saudi Arabia and China in global financial institutions such as the International Monetary Fund (IMF) and World Bank. He stressed the need for global forums like the Group of Twenty (G20) to prioritize economic challenges and adopt cooperative, solution-driven approaches. Al-Khalaf commended both countries' contributions to international efforts such as the Debt Service Suspension Initiative and the Common Framework for Debt Treatment, describing them as impactful tools for supporting global and emerging economies. He urged continued engagement and exploration of new opportunities within global and regional multilateral platforms to enhance both nations' international standing.
Time of India
25-04-2025
- Business
- Time of India
IMF steering committee says Fund must continue to focus on core mandates
The International Monetary Fund must continue to focus on its core mandates, including expanding trade and growth, the chair of the Fund's steering committee said on Friday. #Pahalgam Terrorist Attack India pulled the plug on IWT when Pakistanis are fighting over water What makes this India-Pakistan standoff more dangerous than past ones The problem of Pakistan couldn't have come at a worse time for D-St "Addressing global debt vulnerabilities remains a priority for our members, especially for low income in vulnerable countries," said Saudi Arabia's Finance Minister Mohammed Al-Jadaan, who chairs the International Monetary and Financial Committee (IMFC), during a news conference in Washington. Gathering members to talk about Syria had also given a new sense of urgency and purpose to turn a conflict into a stable and economically successful country benefiting the region and the world, Al-Jadaan said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kulkas yang belum Terjual dengan Harga Termurah (Lihat harga) Cari Sekarang Undo "It is not just about the money, it's about the work that I and other partners can deliver and capacity development, quality data and timely advice."
Saudi Gazette
23-04-2025
- Business
- Saudi Gazette
Al-Jadaan attends US Chamber of Commerce roundtable meeting in Washington
Saudi Gazette report WASHINGTON — Saudi Minister of Finance Mohammed Al-Jadaan participated in a roundtable meeting at the US Chamber of Commerce on the sidelines of the 2025 Spring Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) in Washington on Tuesday. During the meeting, Al-Jadaan noted that Saudi Arabia's Vision 2030 aims to transform the Kingdom's economy. He emphasized that one of the Kingdom's key priorities is establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision. Saudi Ambassador to the US Princess Reema bint Bandar attended the meeting.
Arab News
23-04-2025
- Business
- Arab News
Private sector integration advancing to meet Saudi Vision 2030 goals: finance minister
JEDDAH: Saudi Arabia is stepping up efforts to strengthen its economy by deepening private sector partnerships and improving regulatory practices, the Kingdom's finance minister has said. Speaking during a roundtable at the US Chamber of Commerce, held on April 23 in Washington alongside the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund, Mohammed Al-Jadaan said Saudi Arabia's Vision 2030 seeks to reshape and diversify the country's economy. This year's Spring Meetings of the World Bank Group and the IMF take place against the backdrop of rising trade tensions sparked by US President Donald Trump's tariff announcement, raising concerns regarding global economic forecasts and the impact on various economies. According to the Saudi Press Agency, Al-Jadaan 'emphasized that one of the Kingdom's key priorities is establishing clear frameworks and effective governance to enhance integration with the private sector, support economic growth, and achieve the objectives of the Vision.' The drive to diversify the Saudi economy saw the Kingdom's gross fixed capital formation reach SR1.18 trillion ($313.68 billion) in 2024, reflecting a 5.3 percent annual increase. This growth was driven by a 7.6 percent rise in private sector investments, according to the Ministry of Investment. The roundtable was attended by Saudi Arabia's Ambassador to the US Reema bint Bandar and following his participation in the meeting, Al-Jadaan said in a post on his X account: 'We discussed ways to enhance the economic partnership between Saudi Arabia and the US, as well as the valuable investment opportunities under Saudi Vision 2030.' He added that he held talks with US Treasury Secretary Scott Bessent on strengthening bilateral and multilateral cooperation, focusing on supporting the efforts of the IMF and the World Bank. In a separate post, the minister said: 'I also met with Tobias Adrian, the IMF's financial counsellor and director of the monetary and capital markets department, as well as Pierre-Olivier Gourinchas, the IMF's economic counsellor and director of research. We discussed recent developments in global macroeconomic and financial policies.' In an additional post on X, Al-Jadaan said he held talks with Indermit Gill, the World Bank's senior vice president for development economics and chief economist, and Ousmane Dione, the bank's vice president for the Middle East and Africa region. Al-Jadaan added: 'We discussed economic developments globally and regionally.' Al-Jadaan also met with the Syrian Minister of Finance Mohammed Barnieh and the Central Bank of Syria Governor Abdulkader Husrieh to discuss the latest economic developments in Syria and explore ways to strengthen bilateral cooperation. A further meeting was held with Sweden's Minister of Finance Elisabeth Svantesson to discuss global economic developments and ways to enhance bilateral collaboration.
