RIYADH: The International Monetary Fund has announced that the Kingdom of Saudi Arabia has been selected as head of the International Monetary and Financial Committee (IMFC), Saudi Press Agency (SPA) reported on Wednesday.
According to the SPA, the IMFC provides support to the IMF Board of Governors on the supervision and management of the global financial and monetary system, including responses to events that could disrupt the system.
The Saudi finance minister, Mohammed Al-Jadaan said IMFC chairmanship of Saudi Arabia for 2024-2027 shows the trust of the international community in the Kingdom’s leadership globally and regionally, and the vital role it plays in promoting global multilateral efforts.
Saudi Arabia Selected as IMFC Chair.https://t.co/kHDbcTbIkM#SPAGOV pic.twitter.com/4RBvaWM8L5
— SPAENG (@Spa_Eng) December 13, 2023
He thanked the Former Chair of the IMFC, Ms. Nadia Calvino, for her achievements during her term. He said he is looking forward to working with the IMFC members and the IMF management to promote the stability and effectiveness of the international monetary and financial system.
The IMFC deliberates on the affairs concerning the growth and stability of the international economy, and has become a key instrument for giving strategic direction to the work and policies of the IMF.
The Committee has 24 members, comprising of finance ministers and central bank governors. The Committee usually hold meeting twice a year at the IMF and World Bank Group Annual and Spring Meetings.
Saudi Arabia’s chairmanship of the IMFC demonstrates its strong commitment to promoting multilateralism, and shows the leading role it plays towards supporting regional and international economic growth.
