Indonesia and Saudi Arabia Discuss Enhanced Role of Islamic Development Bank
Washington DC, INTI - On the third day of her visit to Washington DC, the Finance Minister of Indonesia, Sri Mulyani, reported her meeting with the Finance Minister of the Kingdom of Saudi Arabia, Mohammed bin Abdullah Al-Jadaan, as disclosed through her Instagram account, @smindrawati.
In this bilateral meeting, both parties discussed measures to enhance the role of the Islamic Development Bank (IsDB) and strengthen the economic relations between the two countries, while also addressing several other significant financial issues.
The importance of multilateral development banks such as IsDB is becoming increasingly prominent amidst the complex global conditions. The bank is expected to serve as an effective bridge in addressing development gaps and meeting the financing needs of its member countries.
Approaching the IsDB Annual Meeting 2024 in Riyadh in a week's time, which also marks the institution's 50th anniversary, Minister Sri Mulyani conveyed that IsDB needs to undergo reforms to strengthen its role in facing current global challenges.
IsDB is also required to enhance the effectiveness of its operations by streamlining financing procedures and actively involving its member countries in setting the bank's policies.
As the third-largest member country, Indonesia hopes that IsDB can improve its governance, procedures, capacity, and financing instruments in line with the upcoming meeting theme, "Cherishing our Past Charting our Future: Originality, Solidarity and Prosperity".
From this bilateral meeting, there is a commitment from both sides to continue strengthening economic and financial cooperation between Indonesia and Saudi Arabia, and to ensure that IsDB can play a maximum role in supporting sustainable development in the region.
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