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Saudi Gazette report
WASHINGTON — Saudi Finance Minister Mohammed Al-Jadaan called out the hypocrisy of advanced economies that, despite their wealth, do not support African and Asian nations in utilizing their own natural resources.
Al-Jadaan made those bold statements during his participation in the Peterson Institute for International Economics’ Macro Week in Washington, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
Al-Jadaan said: “It’s a real hypocrisy for an advanced economy with plenty of wealth to tell development banks to neglect support for African nations or other nations in Asia to actually utilize their own endowments?”
He highlighted that while advanced economies continue to rely on the dirtiest forms of coal, there is an opportunity for these nations to utilize their resources more effectively. “If you allow them to use their own fossil fuel endowments, they will be able to help themselves, access cleaner cooking energy, improve connectivity, and find jobs without leaving home through the digital economy,” he asserted.
Al-Jadaan emphasized the urgent need for reform in international organizations to adapt to global challenges such as poverty and inequality. He urged, “Multilateral development banks must focus their efforts on building technical capacities and providing the necessary support and advice.”
He also pointed out that these institutions need to enhance their communication, demonstrating their benefits not only to the recipients of support but also to the populations in donor countries.
Al-Jadaan questioned the necessity of budgetary allocations, asking how these efforts would benefit individuals in donor countries. “I think that needs to be communicated much better,” he noted.
He stressed that countries do not engage in charity—“charity is for individuals.” Instead, he asserted that nations provide support because it aligns with their own national interests, and this rationale must be clearly explained.
