At OPEC Forum, Al-Jadaan highlights building economies more resilient to global shocks

VIENNA — Saudi Minister of Finance Mohammed Al-Jadaan emphasized that today’s development challenges are no longer just about boosting economic growth, but also about building economies that are more resilient to global shocks. “Enhancing the resilience of supply chains, and improving the readiness of countries to deal with growing risks are also important,” he said while opening the OPEC Fund Development Forum, which concluded in Vienna on Wednesday.The minister also attended the 47th Meeting of the OPEC Fund Ministerial Council, held under the theme “A transition that empowers our tomorrow.” The meetings focused on enhancing responses to global challenges, with the participation of leaders, ministers, and heads of multilateral development finance institutions (DFIs). Al-Jadaan stressed that no country can face global challenges alone. “Development Finance Institutions (DFIs), including the OPEC Fund for Development, play a vital role in mobilizing resources, exchanging knowledge, and supporting innovation to help them face those challenges,” he said. The finance minister said that sustainable development is achieved when solutions are based on the priorities of the countries themselves. “Development financing strategies should therefore be based on deep partnerships with beneficiary countries, ensuring that investments are aligned with their national plans and long-term goals. It is important for DFIs to scale up effective engagement with partner countries to ensure that their financing strategies are fully aligned with the national priorities of beneficiary countries,” he said. Al-Jadaan also participated in the 47th Meeting of the OPEC Fund for International Development Ministerial Council. As the OPEC fund’s highest governing body, the ministerial council convenes annually to approve the fund’s audited financial statements, annual reports on activities, and any other items submitted by its management. The annual sessions are held either at the fund’s headquarters or in another location determined by the council.