The 2nd Edition of the AlUla Conference on Emerging Market Economies concluded its final day, bringing together finance ministers, central bank governors, leaders from international financial institutions, and experts. The event was hosted by the AlUla Governorate and organized by the Saudi Ministry of Finance in partnership with the International Monetary Fund (IMF).
A key session on the second day featured a research paper titled “Fiscal Policy in a Shock-Prone World.” Contributors included Mohammed Aljadaan, Minister of Finance of Saudi Arabia; Muhammad Aurangzeb, Minister of Finance of Pakistan; Wale Edun, Minister of Finance and Coordinating Minister of the Economy of Nigeria; and Professor Antonio Fatas from INSEAD. Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group, moderated the discussion. The panel examined how to manage fiscal policy amid frequent economic shocks and discussed balancing spending needs with rebuilding fiscal buffers.
Minister Aljadaan stated: “The success of economic reform programs requires a clear vision and a measurable implementation plan that earns citizens’ trust and enables them to plan for the future.” He also emphasized: “The speed and quality of implementation are critical to building momentum and credibility, alongside the importance of effective governance, transparency, and continuous performance monitoring.”
He further added: “Adopting a data-driven approach and strengthening institutional capacity are fundamental pillars for achieving productive and sustainable growth,” noting that “the quality of institutions, policies, and technology is the decisive factor in enhancing long-term economic resilience.”
Aljadaan highlighted Saudi Arabia’s fiscal reforms under Vision 2030. He explained that Saudi Arabia has moved away from reliance on oil price cycles toward a comprehensive fiscal framework that separates government spending from energy market volatility. This change supports long-term development goals. He said that boosting non-oil revenues, improving spending efficiency, and using digital tools have helped reinforce fiscal stability.
Another panel discussed “Private Sector–Led Growth in Emerging Market Economies: The Role of the State.” Panelists included Mohammed Aljasser, President of the Islamic Development Bank Group; Cheikh Diba, Minister of Finance and Budget of Senegal; and Anna Bjerde, Managing Director for Operations at the World Bank Group. Jihad Azour from the IMF moderated. The discussion focused on empowering private sector growth despite limited fiscal space and rising public debt. Panelists also addressed how industrial policies and new technologies like artificial intelligence are changing investment patterns.
The conference ended with a session called “A Pathway Toward Emerging Market Resilience and Economic Transformation,” moderated by Gillian Tett from the Financial Times editorial board. Speakers included Kristalina Georgieva, Managing Director of the IMF; Ali bin Ahmed Al-Kuwari, Minister of Finance of Qatar; Mehmet Şimşek, Minister of Treasury and Finance of Türkiye; and Sariha Moya, Minister of Economy and Finance of Ecuador. They discussed macroeconomic policies and structural reforms to help emerging markets withstand shocks while supporting economic transformation.
In closing remarks, Minister Aljadaan and IMF Managing Director Kristalina Georgieva stressed: “the importance of continuing frank and constructive dialogue, strengthening multilateral cooperation, and translating the conference’s outcomes into practical policies that support emerging market economies and amplify their voice in international economic forums.”
The AlUla Conference on Emerging Market Economies aims to strengthen international cooperation among emerging markets by coordinating economic policies for more inclusive growth.
