Saudi Arabia's Ministry of Finance reported on the conclusion of the second edition of the AlUla Conference on Emerging Market Economies, hosted by AlUla Governorate and organized in partnership with the International Monetary Fund. The final day focused on how emerging markets can manage fiscal and macroeconomic policy amid repeated shocks, while supporting private sector-led growth and broader economic transformation. A session built around the research paper “Fiscal Policy in a Shock-Prone World” examined balancing spending needs with rebuilding fiscal buffers and the role of fiscal frameworks in resilience and sustainability, with contributions from the finance ministers of Saudi Arabia, Pakistan and Nigeria and INSEAD’s Antonio Fatas. Mohammed Aljadaan highlighted Saudi Arabia’s fiscal reforms under Vision 2030, including a comprehensive fiscal framework designed to decouple government spending from energy market volatility, alongside measures to strengthen non-oil revenues, improve spending efficiency and leverage digitalization. Further discussions covered the state’s role in enabling private sector-led growth under constrained fiscal space and rising public debt, and a concluding panel addressed macroeconomic and fiscal policy design and structural reforms to improve resilience, with closing remarks from Aljadaan and IMF Managing Director Kristalina Georgieva calling for continued dialogue and translating conference outcomes into practical policies.

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