By zainab.joaque@awokonewspapersl.com
Freetown, SIERRA LEONE – Saudi Arabia’s Finance Minister, Mohammed Aljadaan, delivered a powerful Chair’s Statement at the 51st Meeting of the International Monetary and Financial Committee (IMFC), held in Washington, D.C., emphasizing the urgent need for global unity in the face of mounting economic and geopolitical challenges.
“History tells us the bigger the challenge, the more we must come together,” Aljadaan stated, as he outlined the committee’s shared concerns over slowing global growth, rising debt levels, and increased uncertainty driven by escalating trade tensions and ongoing conflicts.
Opening the two-day meeting, IMFC members acknowledged that while the committee is not a platform to resolve geopolitical or security issues, peace remains essential to restoring global stability and promoting sustainable growth.
The committee described the global economy as being at a “pivotal juncture,” with trade tensions soaring and volatility threatening financial stability. The outlook, they noted, is dominated by downside risks amid weak growth and high public debt. Conflicts and humanitarian crises were also recognized for their deepening toll on global economic resilience.
The IMFC committed to breaking the cycle of low growth and high debt through bold reforms and forward-looking policies. Emphasis was placed on fostering private sector-led growth, innovation, and job creation, supported by sound macroeconomic policies and structural reforms. These include improving business environments, tackling corruption, and embracing technology and digital transformation.
Fiscal policies, the committee stressed, should support growth while protecting the most vulnerable. Plans for fiscal consolidation must be credible and balanced with investments that stimulate development. Meanwhile, central banks reaffirmed their dedication to maintaining price stability and pledged to act in a data-dependent, transparent manner.
In addressing financial vulnerabilities, the committee also called for stronger supply chains and a fair, open, rules-based international economic system. Members reaffirmed previous exchange rate commitments and recognized the importance of global cooperation.
Special attention was given to the challenges faced by low-income and vulnerable countries, particularly fragile and conflict-affected states (FCS) and small developing states (SDS). The committee underscored the importance of the Poverty Reduction and Growth Trust (PRGT) and welcomed ongoing efforts under the G20 Common Framework to address global debt vulnerabilities, enhance debt transparency, and support sustainable debt treatment.
The IMFC also endorsed the Managing Director’s Global Policy Agenda and called for greater analytical rigor and tailored policy advice in IMF surveillance. Reviews of IMF programs, conditionality frameworks, and the role of regional financing arrangements (RFAs) are expected in the coming months.
On institutional reforms, the committee reaffirmed its support for a strong, adequately resourced, and quota-based IMF at the heart of the global financial safety net. Members committed to implementing the 16th General Review of Quotas and acknowledged the need for quota realignment to reflect the shifting global economic landscape, while ensuring the voices of the poorest members are protected.
The committee adopted the Diriyah Declaration, which lays the groundwork for future quota and governance reforms. It emphasizes the need for inclusive, transparent, and consensus-driven processes to strengthen IMF governance and legitimacy. The Executive Board has been tasked with developing principles to guide future discussions by the 2026 Spring Meetings.
In closing, the IMFC reaffirmed the IMF’s critical role as a trusted global advisor. “We underline the critical role of the IMF in helping us navigate the current challenging environment,” the Chair’s Statement read. Members also committed to enhancing the Fund’s inclusiveness, agility, and responsiveness to global economic shifts.
The IMFC is scheduled to reconvene in October 2025, continuing its work to strengthen multilateralism and international cooperation in an increasingly complex world. CC/5/5/2025
, held in Washington, D.C., emphasizing the urgent need for global unity in the face of mounting economic and geopolitical challenges.){kind=link}