The International Monetary Fund (IMF) recently announced the selection of Saudi Arabia to chair the International Monetary and Financial Affairs Committee (IMFC). This committee supports the IMF’s Board of Governors through the oversight of the global monetary and financial system.
It also takes the necessary measures to confront any events that may occur which may cause disturbances in the system.
Saudi Arabia’s leadership
The committee selected Saudi Arabia’s Minister of Finance, Mr. Mohammed Al-Jadaan, as chair of the IMFC for a term of three years, effective January 4, 2024.
He will succeed Mrs. Nadia Calviño, Spain’s first vice president and minister for economic affairs and digital transformation. She has chaired the IMFC since January 3, 2022.
Al-Jadaan said that the kingdom’s selection to chair the IMFC for the period 2024-2027 reflects the international community’s confidence in its leadership. The achievement, according to Ak-Jadaan, highlights Saudi Arabia’s pivotal role in strengthening international multilateral action.
Moreover, he stressed his commitment to working with the committee members and the fund’s management to enhance the stability and effectiveness of the global monetary and financial system.
Read: Saudi Arabia’s 2024 budget boosts non-oil growth with increased spending
The committee’s functions
The IMFC deals with issues related to promoting the growth and stability of the global economy and ensuring global financial stability. It has become a major platform that provides strategic direction for the work and policies of the IMF.
It has 24 members including finance ministers and central bank governors. The committee bases its work mechanism and decision-making on consensus, including the selection of its president. It also usually meets twice a year during the annual and spring meetings of the IMF and the World Bank Group. Its next meeting is scheduled to be held in April 2024 in Washington, DC.
In addition, the Kingdom’s presidency of the IMFC confirms its strong commitment to strengthening multilateral action. It reflects its role in supporting economic growth regionally and globally.
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