The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, gave its approval for a headquarters agreement between the Kingdom and the International Monetary Fund (IMF). The agreement paves the way for the establishment of a regional office of the IMF in Riyadh, as reported by the Saudi Press Agency (SPA).
Previously, the Saudi Ministry of Finance had already signed an agreement with the IMF regarding the establishment of the Fund’s regional office in the Kingdom.
The initiative aims to enhance the presence and collaborative efforts of the IMF with Arab institutions, according to Managing Director, IMF, Kristalina Georgieva.
By establishing a new office in Riyadh, the IMF seeks to strengthen its relationships and partnerships within the region.
This decision also underscores the Kingdom’s position as the largest economy in the region and one of the most prominent economies within the G20.
In December 2023, the IMF revealed that Saudi Arabia has been chosen to lead the International Monetary and Financial Affairs Committee (IMFC). The IMFC plays a crucial role in overseeing the global monetary and financial system on behalf of the IMF’s Board of Governors. It is also responsible for taking appropriate actions to address any potential disruptions that may arise within the system. Moreover, Mohammed Al-Jadaan, Saudi minister of Finance, has been appointed as the chair of the IMFC for a three-year term starting from January 4, 2024. This appointment signifies Saudi Arabia’s prominent position and recognition within the international financial community.
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