Statement by Mohammed A. AlJadaan at the 113th Meeting of the Development Committee on April 16, 2026

Overview & Synopsis

This statement, delivered by Mohammed A. AlJadaan, Minister of Finance of the Kingdom of Saudi Arabia, to the 113th Meeting of the Development Committee on April 16, 2026, addresses the far‑reaching global economic consequences of the ongoing conflict in the Middle East, highlighting its transformation from a regional shock into a systemic challenge affecting inflation, growth, employment, food security, and development outcomes worldwide. Rising energy and fertilizer prices, disrupted supply chains, and heightened uncertainty have intensified risks for both advanced and developing economies, with particularly severe humanitarian implications, as continued escalation could push millions into acute hunger. The statement underscores the central role of the MENAAP region in global energy markets and trade routes, making regional stability a global economic imperative. It commends Saudi Arabia’s efforts to support trade continuity and energy resilience, while emphasizing that the scale of the crisis requires swift, coordinated multilateral action. Welcoming the World Bank Group’s readiness to respond, the statement calls for comprehensive impact assessments, dedicated resources, and stronger counter‑cyclical support. It strongly supports the World Bank’s Jobs Agenda, emphasizing the need to create an enabling environment for private sector–led job creation through regulatory certainty, digitalization, integration of agriculture and agribusiness value chains, targeted responses to informality, and coordinated digital transformation. The statement also notes the conclusion of the 2025 Shareholding Review and stresses the importance of ensuring that developing and low‑income countries are fully supported in subscribing to their allocated shares, reinforcing inclusiveness and effectiveness within the multilateral system.