Saudi Cabinet Approves Establishment of Regional IMF Office in Riyadh

KSA, 20 March, 2024 :  The Saudi Cabinet, led by King Salman bin Abdulaziz Al-Saud, approved a headquarters agreement between the Kingdom and the International Monetary Fund (IMF), allowing for the establishment of an IMF regional office in Riyadh. This move, previously initiated by the Saudi Ministry of Finance, aims to enhance IMF's collaboration with Arab institutions and strengthen its presence in the region.

The decision highlights Saudi Arabia's status as the largest economy in the region and a key player within the G20. In December 2023, Saudi Arabia was chosen to lead the International Monetary and Financial Affairs Committee (IMFC), responsible for overseeing the global monetary and financial system. Mohammed Al-Jadaan, the Saudi Minister of Finance, has been appointed as the IMFC chair for a three-year term starting January 4, 2024, further solidifying Saudi Arabia's prominence in the international financial community.

Source : www.economymiddleeast.com