ALULA: Saudi Arabia’s Finance Ministry and theInternational Monetary Fund co-hosted on Sunday a high-level roundtable aimed at addressing economic recovery in conflict-affected countries in the Middle East, with a particular focus on the Syrian Arab Republic.

The meeting, held on the sidelines of the inauguralAlUla Conference for Emerging Market Economies,brought togetherregional finance ministers, theSyrian foreign minister, themanaging director of operations at the World Bank Group, and representatives frominternational financial institutions and the Arab Coordination Group.

Following the discussion,IMF Managing Director Kristalina GeorgievaandSaudi Finance Minister Mohammed Al-Jadaanissued a joint statement emphasizing the significance of international cooperation in rebuilding economies devastated by conflict, the Saudi Press Agency reported.

They stressed theurgency of addressing humanitarian needs and facilitating a durable recovery, underscoring the commitment of participating nations and institutions to pool their expertise and resources to support affected populations, SPA added.

Participants highlighted thewider regional consequences of prolonged instability, reinforcing the need for coordinated recovery efforts. Syria remained a focal point of the discussions.

As part of a collective strategy, attendees identifiedthree prioritiesfor supporting conflict-affected economies.

First, they agreed on the necessity ofa continuous diagnostic processto assess each country’s unique challenges, humanitarian requirements, and reconstruction needs. This would include evaluating gaps ininstitutional frameworks, economic policies, and financial resources.

Second, they underscored the importance ofenhanced capacity development, with an emphasis on scaling upIMF and World Bank initiativesto strengthen key institutions, particularly infiscal, monetary, and banking sectors.

Lastly, they emphasized themobilization of financial assistancefrom the global community, stressing the importance of securing coordinated support frominternational and regional development partnersfor reconstruction and humanitarian programs.

TheIMF, World Bank, and Arab Coordination Groupreaffirmed their commitment to working together within their respective mandates to facilitate economic recovery efforts in the region.

To enhance these efforts, they agreed to establishan informal coordination groupthat will oversee ongoing initiatives. Further discussions are scheduled to take place at the upcomingIMF/World Bank Spring Meetings, set to be held inWashington, from April 25-27.

The meeting saw participation fromregional governments, international financial institutions, and high-level Syrian representatives, marking a significant step toward acollaborative and sustained approach to economic recovery in the Middle East.