IMF: Our office in Riyadh strengthens partnerships with Arab institutions

Kristalina Georgieva, Director of the International Monetary Fund, said, “Our new office in Riyadh works to strengthen our presence and partnerships with Arab institutions.” Yesterday, the Council of Ministers approved a headquarters agreement between the government of the Kingdom of Saudi Arabia and the International Monetary Fund to establish a regional office for the Fund in Riyadh. This step reflects the Kingdom’s position as the largest economy in the region and one of the most prominent economies of the G20.

In December 2023, the International Monetary Fund announced today the Kingdom’s selection to chair the International Monetary and Financial Affairs Committee, which works to provide support to the International Monetary Fund’s Board of Governors in the field of oversight of the global monetary and financial system, including the necessary measures to confront any emerging events that may cause… System disturbances.

Mohammed Al-Jadaan, Minister of Finance, explained that the Kingdom’s selection to chair the International Monetary and Financial Affairs Committee for the period 2024-2027 reflects confidence in its leadership position globally and regionally, and its pivotal role in strengthening international multilateral action.

Al-Jadaan thanked the former Chair of the International Monetary and Financial Committee, Nadia Calvino, for her achievements during her tenure, stressing his aspiration to work with the members of the Committee and the Fund’s management towards enhancing the stability and effectiveness of the global monetary and financial system.

It is noteworthy that the International Monetary and Financial Committee discusses issues related to enhancing the growth and stability of the global economy, ensuring global financial stability, and has become a major platform for providing strategic direction for the work and policies of the International Monetary Fund.

The committee includes 24 members, including finance ministers and central bank governors, and its work mechanism and decision-making are based on consensus, including the selection of its chairman. It usually meets twice a year during the annual meetings and spring meetings of the International Monetary Fund and the World Bank Group.