On Sunday, 18 September. 2022 AD, the 46th Ordinary Session of Arab Central Bank Governors and Monetary Authorities was held in Jeddah under the generous patronage of the Custodian of the of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The session which was attended by a notable number of senior IMF and FSB officials kicked off with a speech by H.E. the Governor of the Saudi Central Bank (SAMA), Dr. Fahad Almubarak, in which he relayed the greetings of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, to the Governors of Arab Central Banks and Monetary Authorities, and welcomed all participants to the kingdom of Saudi Arabia.
Dr. Fahad pointed out that the meeting coincided with significant reforms, development plans and shift in the global economies catalyzed by complex international political junctures which notably impacted worldwide food and energy prices. This, unfortunately, led to forecasts for reduced economic growth. In support of that last point, H.E. made reference to last July's update of the IMF's World Economic Outlook which showed declining rate of 3.2% for 2022 dropping down from the 3.6% growth rate that was projected earlier in April. H.E. was quick to highlight the implications of these observations and how they called for more coordination among Arab countries to tackle current challenges, support recovery monetary policies, continue to implement constructive economic plans and reforms, and adopt balanced monetary and financial policies, in order to achieve sustainable economic growth, generate more job opportunities for Arab populations at large, and mitigate the negative repercussions of the current geopolitical landscape.
Almubarak moved on to reaffirm that in spite of the current economic and geopolitical status quo, Q2 estimates showed that the Kingdom had an impressive 11.8% projected rate of growth in annual GDP for 2022, while its inflation rates remained within acceptable bounds at 3% in August, putting things well in-line with the roadmap of the Kingdom Vision 2030.
In his closing statement, SAMA's governor reasserted that the Kingdom of Saudi Arabia will always be supportive to joint Arab work and initiatives as well as contribute to the development of Arab economic relationship through regional development agencies, thanking the Custodian of the Two Mosques and the Crown Prince as well as the leaders of Arab nations for the efforts they are dedicating in this regard.