ALULA — Saudi Minister of Finance Mohammed Al-Jadaan mentioned that rising economies have turn into a serious engine of worldwide progress. Talking on the opening session of the 2026 AlUla Convention for Rising Market Economies, he underscored the significance of exchanging sensible experiences and growing life like insurance policies to handle mounting financial challenges.
Al-Jadaan highlighted that rising and growing economies now account for almost 60 % of worldwide GDP at buying energy parity and greater than 70 % of worldwide progress, with their share of the worldwide economic system having doubled since 2000. He added that the ten rising economies throughout the G20 alone at present contribute greater than half of worldwide progress.
The minister famous that the Kingdom’s internet hosting of this convention, in partnership with the Worldwide Financial Fund, comes at a time of profound transformation within the world economic system. Al-Jadaan affirmed that the Kingdom’s expertise over the previous decade has yielded three key classes. The primary is that macroeconomic stability isn’t a constraint on progress however its important basis. The second is {that a} sound monetary framework, clear medium-term fundamentals, and disciplined debt administration create the required house for funding and reform, significantly amid risky worldwide situations.
Al-Jadaan elaborated that structural reforms don’t ship outcomes except establishments possess the capability to implement them successfully. He emphasised that political credibility is constructed by means of execution relatively than plans alone, and thru sturdy governance, transparency, and the power to translate methods into tangible outcomes.
The third lesson, he famous, is that worldwide cooperation has turn into more and more important in a fragmented world panorama. On this context, he burdened that multilateral establishments, efficient oversight mechanisms, and world monetary security nets are crucial to supporting rising and growing economies within the face of recurring shocks.
The finance minister additionally pointed to the more and more complicated and fragmented surroundings confronting these economies, marked by rising debt ranges, slowing commerce progress, and heightened vulnerability to geopolitical shocks. Greater than half of low-income nations, he famous, are both experiencing debt misery or vulnerable to it, whereas world commerce progress has declined to roughly half its stage throughout the COVID-19 pandemic. On the similar time, capital flows stay risky and extremely delicate to world financial situations.
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Al-Jadaan burdened that these challenges usually are not merely cyclical, however replicate deeper structural shifts that demand credible and coordinated coverage responses—above all, responses tailor-made to the precise circumstances of every nation. He emphasised that the target of the convention is to not subject declarations, however to trade sensible experiences, prioritize implementation, and tackle actual constraints, whereas recognizing the range of rising economies and avoiding a one-size-fits-all method.
The minister famous that partnerships with multilateral establishments, significantly the Worldwide Financial Fund and the World Financial institution Group, represent a central pillar—not solely as suppliers of financing of final resort, but in addition as trusted advisors, facilitators of dialogue, and custodians of worldwide financial cooperation. He urged members to have interaction with candor, undertake a forward-looking perspective, and stay centered on options, expressing his hope that the discussions on the AlUla Convention would assist form each collective and nationwide responses to the quickly evolving challenges going through the worldwide economic system.
It’s worthy to notice that the second version of the 2026 AlUla Convention for Rising Markets Economies is organized collectively by the Ministry of Finance and the Worldwide Financial Fund. The convention brings collectively finance ministers, central financial institution governors, and financial policymakers from world wide. The convention is happening amid elementary transformations in worldwide commerce and monetary methods.
Discussions will deal with the challenges of slowing progress, rising uncertainty, and mounting pressures on rising market economies.
