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Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), said Saudi Arabia’s early response to the US-Iran conflict and the disruption of shipping through the Strait of Hormuz helped contain the crisis fallout and underscored the Kingdom’s resilience.
Speaking to Al Eqtisadiah, Azour added that in the first weeks of the conflict, Saudi Arabia rerouted oil shipments across the East-West pipeline, easing price pressures triggered by the strait’s closure. He also praised efforts to keep transit flowing through ports and airports, including hosting aircraft from multiple countries.
He said identifying the drivers of imbalances is a top priority, including distinguishing between structural factors, financial conditions and policy-driven distortions. The Kingdom supports strengthening the role of international institutions in improving data quality, analytical tools and global coordination, while taking into account country-specific conditions—particularly for commodity exporters—to avoid a one-size-fits-all approach.
Moreover, deeper multilateral cooperation, alongside orderly adjustments that balance surplus and deficit economies, is essential to reduce vulnerabilities, limit negative spillovers and support stronger, more sustainable global growth, Azour added.
Elroy Grisby
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