Saudi Finance Minister Pushes Global Partnership at OPEC Fund Forum

JAKARTA - Saudi Arabia's Minister of Finance (Menkeu) Mohammed Al-Jadaan called for a stronger global partnership to face increasingly complex development challenges.

According to a report by Arab News quoted on Friday, June 26, the call was made by Al-Jadaan while attending the OPEC Fund for International Development Forum and the 47th Ministerial Council Meeting of the institution in Vienna, Austria, on June 23-24.

The forum carries the theme "Transformations that Empower the Future". The event brought together leaders, ministers, and heads of multilateral development finance institutions.

Multilateral development financing institutions are financial institutions formed by several countries to help financing development, especially in partner or beneficiary countries.

In his opening speech, Al-Jadaan said that the challenges of development are now not enough to be answered by economic growth. Countries also need to build an economy that is more resistant to global shocks, strengthen supply chains, and prepare for increased risks.

He emphasized that no country could face global challenges alone.

According to Al-Jadaan, development financing institutions, including the OPEC Fund, play an important role in mobilizing resources, sharing knowledge, and supporting innovation.

He also said that sustainable development must start from the priorities of each country. Therefore, financing strategies need to rely on strong partnerships with beneficiary countries so that investments are in line with their national plans and long-term goals.

Al-Jadaan added that development financing institutions need to expand cooperation with partner countries. The goal is that the financing strategy is truly in line with the national priorities of the beneficiary countries.

In addition to the forum, Al-Jadaan attended the 47th OPEC Fund Ministerial Council Meeting. The annual meeting is the highest decision-making forum of the institution.

The board is tasked with approving the audited financial statements, the annual report on OPEC Fund activities, as well as other agendas proposed by management.

The annual meeting of the board is held at the OPEC Fund headquarters or another location determined by the board.