Inflation among key risks facing global economy, says Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan

High inflation is one of the main risks facing global economy, especially in low-income countries that do not have "financial space" to deal with the effects of inflation, said Saudi Minister of Finance Mohammed Al-Jadaan.

The statement came during Al-Jadaan’s participation in the third Finance Ministers and Central Bank Governors (FMCBG) meeting held under Indonesia’s presidency in Bali.

“Therefore, we should take into consideration the repercussions of policies across countries, including the "accelerated climate change policies" that do not take into account the state of global economy and development stage of countries,” the minister added.

Energy security should be enhanced, while taking into consideration the special circumstances of each country, Al-Jadaan said, stressing the importance of intensifying efforts to combat the "food crisis".

Al-Jadaan underlined the importance of effective implementation of the “Common Framework for Debt Treatment beyond the Debt Service Suspension Initiative (DSSI)”, which is the best option for debt remediation, given the changes in international debt structure.