Saudi Arabia to chair International Monetary Finance Committee (IMFC)

2023-12-14 21:49:05

Riyadh, Saudi Arabia (ots/PRNewswire) – The International Monetary Fund (IMF) announced on December 13, 2023 that the Kingdom of Saudi Arabia will take over the chairmanship of the International Monetary and Financial Committee (IMFC). This committee assists the IMF Board of Governors in overseeing and managing the international monetary and financial system to, among other things, respond to events that may threaten the system.

“Assuming the chairmanship of the IMFC from 2024 to 2027 is a testament to the international community’s confidence in the Kingdom’s global and regional leadership and demonstrates the key role Saudi Arabia plays in international multilateral efforts,” AlJadaan said. “I would like to “I salute the achievements of the previous chair of the IMFC Nadia Calvino and look forward to working with the IMFC members and the leadership of the IMF in striving for the stability and efficiency of the international monetary and financial system,” Minister AlJadaan added.

The IMFC advises on issues affecting the growth and stability of the global economy and has become an important tool for strategically guiding the IMF’s work and policies.

The committee consists of 24 members, including finance ministers and central bank chairmen. All decisions, including the election of the chairman, are made by consensus. The committee normally meets twice a year – at the spring and annual meetings of the IMF and the World Bank.

The IMFC Chairmanship once again demonstrates the Kingdom of Saudi Arabia’s strong commitment to multilateralism and the leading role it plays in regional and global economic growth.

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