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IMF’s Georgieva to Asharq Al-Awsat: Vision 2030 Reforms Highly Successful

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva (Asharq Al-Awsat)
The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva (Asharq Al-Awsat)
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IMF’s Georgieva to Asharq Al-Awsat: Vision 2030 Reforms Highly Successful

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva (Asharq Al-Awsat)
The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva (Asharq Al-Awsat)

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has declared that Saudi Arabia's commitment to reform is what has propelled it to its current level of economic stability, despite the uncertainties facing the global economy.

Georgieva also commended the non-oil sector’s advancements within the kingdom.

Her remarks were made during her participation in a session on the second day of Riyadh's flagship FII annual investment conference.

The IMF had previously projected the continued momentum of the non-oil sector in 2023, with an average growth rate expected to reach 4.9% in the same year.

The Fund welcomed the ongoing economic transformation in Saudi Arabia, supported by reforms that it deemed praiseworthy in light of the “Saudi Vision 2030” plan.

In a previous statement to Asharq Al-Awsat, the IMF anticipated a 4% growth in the Saudi economy by 2024.

It emphasized that over the past years, Saudi Arabia has diversified its sources of income and adopted a medium-term approach to fiscal management, which has boosted revenues.

Additionally, the IMF noted that certain measures have had a positive impact on the economy.

Georgieva stated that Saudi Arabia has achieved remarkable performance over the past five years.

“This year, the oil sector of the economy, for reasons we all know, is not performing well, but the non-oil sector continues to grow robustly,” she added.

Georgieva emphasized that Saudi Arabia needs to continue its commitment to implementing structural reforms and pointed to the significant role of Saudi women in this transformation.

She noted that the participation of Saudi women in the workforce has surpassed the targets set in Vision 2030, reaching approximately 36% today.

One of the goals of Vision 2030 was to increase women's participation in the workforce from 22% to 30%.

Georgieva explained that Saudi Arabia is focusing on supporting the youth and promoting entrepreneurship while reducing youth unemployment rates.

“It's wise to say that in the next two years, we want to have a ‘Vision 2040,’” noted Georgieva.

“We are climbing a mountain, and we know that the closer we get to the summit, the harder the climb becomes. But we continue to ascend,” she added.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.