RIYADH: International Monetary Fund Director Kristalina Georgieva said on Sunday that the success of Vision 2030 in Saudi Arabia is a clear example of the country’s ability to transform.

Georgieva stated during a session entitled “A New Vision for Global Development” within the framework of the World Economic Forum currently held in Riyadh that “the fruits of economic growth must be distributed to all countries, as there is a huge discrepancy in economic “performance between countries.

She pointed out that there are 800 million people around the world currently suffering from famine, explaining that “we have failed to share the benefits of growth with other regions of the world.”

Georgieva explained that the global economy has proven its resilience in dealing with crises in the face of repeated shocks, which is due to countries taking seriously after the global financial crisis in 2008 and the Asian crisis the existence of sound tax policies while managing public finances responsibly and creating appropriate conditions for growth in the private sector.

She pointed out that the world faces two challenges. The first is that despite economic growth of 3.2 percent last year, it is weak compared to historical standards. The second challenge lies in the large rift between the countries of the world, as some of them are achieving good growth and others are lagging behind. Georgieva said that if these two challenges are not resolved, “we will face great difficulties in the future, and history may remind us that this decade is unstable and we need to describe it historically as a decade of transformations.

She stressed the need to continue building the strength of the economy and responsibility towards public finance and monetary policies, and there is no alternative to that. The Director of the International Monetary Fund stressed the necessity and importance of unleashing the power of technology and linking it to human capital, which can move between different opportunities and jobs more flexibly. The special meeting of the World Economic Forum held in Riyadh will witness many dialogues and discussion sessions aimed at strengthening international cooperation efforts and stimulating joint efforts to innovate sustainable solutions. — KUNA