Monday May 20th, 2024
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Regional IMF Office to Be Established in Riyadh

The choice of Riyadh as the location for the office underscores Saudi Arabia’s position as the region’s largest economy.

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Regional IMF Office to Be Established in Riyadh

A new regional office for the International Monetary Fund (IMF) is set to be established in Riyadh, following the approval of an agreement by the Kingdom’s cabinet. The Saudi Ministry of Finance had already signed an agreement with the IMF, and the move has since been approved at the highest levels of government.

The presence of an IMF regional office in Saudi Arabia will seek to enhance collaborative efforts of the fund with Arab institutions, strengthening relationships within the region. The choice for the office to be located in the Kingdom underscores its position as the region’s largest economy, and one of the most prominent within the G20.

The IMF revealed in December 2023 that Saudi Arabia had been chosen to lead the International Monetary and Financial Committee (IMFC), overseeing the global monetary and financial system. Mohammed Al Jadaan, the Saudi Minister of Finance, was appointed as the chair of the IMFC in January 2024, further reinforcing Saudi Arabia’s prominent position within the international financial community.

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