Cairo, February 09, 2023, SPA -- Undersecretary of the Ministry of Finance for International Affairs, Dr. Ryadh bin Mohammad Alkhareif, headed the Kingdom’s delegation to the 111th session of the Arab Economic and Social Ministerial Council of the Arab League, which kicked off today in Cairo. The meeting discussed several issues related to enhancing the pan-Arab economic development endeavor and the efforts seeking the implementation of a sustainable development scheme. During the session, Alkhareif explained that the global economy is facing several economic and developmental challenges and geopolitical tension, which have had an impact on several regional countries. One major challenge, Alkharief said, is the inflation rate hikes which prompted central banks to adopt strict monetary policies, including increasing interest rates that led to a rise in debt interest rates and shrinking cash reserves for several countries in the region. Alkhareif also went over the Kingdom’s initiatives under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HRH the Crown Prince, to extend support to several regional countries, both bilaterally and through the regional and international organizations, which help them maintain fiscal stability. He also pointed out that the Kingdom is leading several initiatives to enhance the stability of the global economy through its membership in the G20, which launched many initiatives to alleviate the burden of the debt of many countries. Alkhareif also underlined the need for continued regional cooperation to develop sustainable economic and financial systems which can enhance economic flexibility to address global challenges. --SPA 21:58 LOCAL TIME 18:58 GMT 0028 www.spa.gov.sa/w1852321