AlUla Conference Strengthens Support for Conflict-Affected Economies in the Middle East
The AlUla Conference in Saudi Arabia hosted a high-level roundtable focused on supporting conflict-affected economies in the Middle East, with particular emphasis on Syria, as part of coordinated regional and international recovery efforts.
The event, organized by the Saudi Ministry of Finance and the International Monetary Fund, brought together regional finance ministers, Syria’s foreign minister, leaders of international financial institutions, and representatives of the Arab Coordination Group to outline a unified framework for economic stabilization.
Assessing Challenges and Setting Priorities
Participants at the AlUla Conference stressed the need for continuous assessment of economic and social challenges facing conflict-impacted countries, highlighting priorities such as institutional rebuilding, closing policy gaps, and addressing financing needs.
They also called for expanding capacity development initiatives led by the IMF and the World Bank to strengthen financial, monetary, and banking institutions.
Mobilizing International Financing
The closing statement of the AlUla Conference underscored the importance of mobilizing international financial assistance to fund comprehensive reform programs, including reconstruction and humanitarian support, particularly for Syria.
IMF Managing Director confirmed renewed engagement with Syrian authorities after a 16-year gap, aiming to rebuild institutional capacity and address significant data shortages.
International estimates suggest Syria’s reconstruction costs could reach $300 billion, while GDP has sharply contracted in recent years, reinforcing the urgency of coordinated support.
Annual Platform for Economic Cooperation
The AlUla Conference is set to become an annual platform gathering finance ministers, central bank governors, policymakers, and private sector leaders to address emerging market challenges and explore opportunities to enhance growth and resilience across the region.
