Finance ministers and central bankers from emerging economies are set to convene in AlUla, Saudi Arabia, this weekend to discuss the evolving global economic landscape, as new US trade policies under President Donald Trump inject fresh uncertainty into international commerce.
The Conference for Emerging Market Economies, jointly organized by the International Monetary Fund and the Saudi Ministry of Finance, will take place from February 16 to 17 at the Maraya event venue. Key discussions will revolve around fiscal policy, debt sustainability, financial system resilience, and the challenges posed by shifting trade dynamics. IMF Managing Director Kristalina Georgieva and Saudi Finance Minister Mohammed Al Jadaan will deliver keynote speeches, setting the stage for critical debates on how emerging markets can navigate an increasingly volatile global economy.
For Georgieva, this marks her third major engagement in the Middle East in recent weeks, following her addresses at the Arab Fiscal Forum and the World Governments Summit in Dubai. In her recent remarks, she has consistently warned of a challenging economic outlook, with global growth slowing and public debt levels rising at an alarming rate. According to IMF projections, global debt is set to reach 100 percent of GDP by 2030, while many nations in the Middle East and North Africa are already grappling with debt levels exceeding 70 percent of GDP.
At the Ninth Arab Fiscal Forum, Georgieva cautioned that without significant reforms, some economies risk becoming trapped in a cycle of sluggish growth and mounting debt. She stressed the urgent need for job creation, economic diversification, and stronger social safety nets to build resilience in a rapidly changing world.
Trump’s second administration has added another layer of unpredictability to the global economy, particularly in trade relations. The US President has announced a fresh wave of tariffs, targeting trading partners in North America and beyond. His latest proposal of reciprocal tariffs—where the US matches any duties imposed by its partners—has sent ripples through emerging markets.
Brazil and India are among the countries most exposed to these policies, with India being particularly vulnerable. The US is India’s largest trading partner, and in fiscal year 2024, Indian exports to the US reached $77.5 billion, while American exports to India stood at $40.7 billion. In response to US pressure, India has already taken steps to reduce some tariffs, slashing its peak import duty from 150 percent to 70 percent in an attempt to ease tensions. Following a meeting with Indian Prime Minister Narendra Modi, Trump signaled that negotiations would continue to address trade imbalances between the two nations.
“We want a fair playing field, which we believe we are entitled to,” Trump stated during a press conference at the White House.
Meanwhile, Gulf countries are focusing on regional collaboration to counterbalance global trade shifts. During the IMF annual meeting in Washington last October, GCC finance ministers highlighted their progress in infrastructure development, electric connectivity, and the establishment of a regional rail network. As global trade dynamics shift, greater economic integration within the region is seen as a key strategy for maintaining stability.
One of the IMF’s primary recommendations for boosting economic resilience is accelerating digital transformation. Georgieva has emphasized that nations in the Middle East and North Africa that have embraced digitalization are experiencing far stronger productivity gains than those that have lagged behind. In a world of growing economic uncertainty, leveraging technology and regional cooperation may be the most effective path forward for emerging markets.
As the conference in Saudi Arabia unfolds, the focus will be on how these nations can adapt to an unpredictable global economy—one where trade, debt, and digital transformation will shape the future of emerging markets.