A joint statement issued by Mohammed Aljadaan, the Saudi Minister of Finance, and International Monetary Fund (IMF) Managing Director Dr. Kristalina Georgieva following the second annual Conference for Emerging Market Economies held in AlUla could be described as the “AlUla Manifesto.”
A manifesto is a public, written declaration of intentions, and acts as a guide for action. At the heart of AlUla, this statement was not merely words; it was a “charter” laying out a roadmap to end the era of “economic dependency” and to establish a new phase in which emerging economies are the leaders, not the followers.
For an in-depth analysis of the outputs of this “manifesto,” a fundamental shift is revealed:
Emerging economies are no longer the “weak link” groaning under the weight of crises in advanced countries; rather, they have transformed into a “safety valve” now driving 70 percent of global growth.
The conference highlighted the exceptional resilience of emerging economies in the face of geopolitical storms, while issuing a firm warning that “this is no time for complacency.”
The closing statement issued by Aljadaan and Georgieva stressed that the conference, in its second edition, has “reaffirmed the value of a dedicated global forum focused on the shared challenges, opportunities, and aspirations of emerging market economies.”
They said “discussions focused on how emerging markets can navigate a global environment marked by persistent uncertainty, geopolitical shifts, evolving trade patterns, and rapid technological change.”
“These transformative trends highlight the urgency of strengthening policy frameworks and institutions to support resilience and leverage opportunities ahead,” they added.
According to Aljadaan and Georgieva, “the experience across many emerging markets shows that credible policy frameworks and institutional upgrades have helped achieve better inflation outcomes, maintain financial stability, and preserve market access, even amid heightened uncertainty.”
The joint statement also stressed that the real challenge is moving to the next phase of reforms that deliver higher, more sustained, and more job-rich growth.
“Unleashing the private sector will be central to this effort, including through deepening financial markets, reducing barriers to entrepreneurship and investment, and harnessing artificial intelligence by investing in digital infrastructure and equipping young people with skills necessary to thrive in the evolving global job market,” it said.
The conference also sent a message that in a world of shifting trade and investment patterns, deeper intra-regional and inter-regional integration offers big opportunities.
“Boosting trade and strengthening regional cooperation remain critical for emerging markets as they adapt to the changing global economic landscape,” said Aljadaan and Georgieva.
The Saudi minister and the IMF managing director also wrote an analysis published by “Project Syndicate” that said: “It used to be that when advanced economies sneezed, emerging markets caught a cold.”
“That is no longer true,” they added.
According to the analysis, “following recent global shocks, such as the post-pandemic inflation surge and a new wave of tariffs, emerging markets have held up well. Inflation has continued to slow, currencies have generally retained their value, and debt issuance costs have remained at manageable levels.”
But Aljadaan and Georgieva warned that “while emerging markets have made great strides in improving their policy frameworks and enhancing credibility, this is no time for complacency.”
They called for reforms in a turbulent world and urged policymakers to position their economies to take advantage of the potential productivity gains from AI. “Saudi Arabia, India, and other members of the Gulf Cooperation Council, for example, have unveiled impressive infrastructure investments that will lay the foundation for AI adoption for decades to come.”
They concluded their statement by saying that emerging market economies are coming together to discuss how they can leverage their growing scale and build on their hard-won resilience.
