The International Monetary Fund (IMF) has announced that the Kingdom of Saudi Arabia will chair the International Monetary and Financial Committee (IMFC) for the period of 2024-2027. The IMFC provides support to the IMF Board of Governors in overseeing and managing the international monetary and financial system, including addressing potential disruptions.
Saudi Arabia’s selection as the IMFC Chair reflects the international community’s trust in the Kingdom’s leadership on a global and regional scale, as well as its significant role in promoting multilateral efforts. Minister AlJadaan expressed gratitude to the former chair, Nadia Calvino, for her achievements during her term and expressed readiness to collaborate with IMFC members and IMF management to enhance the stability and effectiveness of the international monetary and financial system.
The IMFC plays a vital role in deliberating on matters related to global economic growth and stability. It serves as a strategic guide for the IMF’s work and policies. Comprised of 24 members, including finance ministers and central bank governors, the IMFC operates by consensus and typically meets twice a year at the IMF and World Bank Group Annual and Spring Meetings.
Saudi Arabia’s chairmanship of the IMFC reaffirms its unwavering commitment to advancing multilateralism and underscores its leading role in supporting regional and global economic development.
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SOURCE Ministry Of Finance