In Riyadh, Saudi Arabia, the International Monetary Fund (IMF) plans to open a regional office. Kristalina Georgieva, the managing director of the IMF, tweeted that a memorandum of understanding (MoU) had been signed to set up the fund’s office in the kingdom.
Georgieva from the IMF just returned from a two-day trip to Saudi Arabia. The opening of the regional office, according to Georgieva, “will drive interaction with regional institutions, build relationships with country authorities, and help extend the IMF’s capacity development operations,” she stated at the conclusion of her tour. During her visit, Georgieva and other representatives took part in a high-level panel discussion about addressing food insecurity as part of the GCC meeting. She continued, “I am grateful for the Arab Coordination Group’s recent announcement to offer an initial $10 billion to help alleviate the world food supply crisis and am incredibly happy that some GCC countries are preparing to make more promises soon. ““For its part, the IMF has just launched a new food security window under our existing emergency financing programmes to help provide additional funds to those countries most affected by the current food crisis.”
A regional office of the International Monetary Fund (IMF) will be established in Riyadh. According to IMF Managing Director Kristalina Georgieva, this will lead interaction with regional organisations, deepen partnerships with national authorities, and support the expansion of the IMF’s capacity development initiatives. At the conclusion of a two-day trip to Saudi Arabia, she commended the government on the country’s robust economic performance and excellent reform agenda implementation, particularly the doubling of the proportion of women in the labour force in just four years.
In a statement, she said: “It has been a great pleasure to visit Riyadh once more to strengthen the relationship between the IMF and Saudi Arabia as well as the Gulf Cooperation Council (GCC), particularly in light of the recent string of shocks that have affected the world, including food insecurity. “I commended the authorities on Saudi Arabia’s robust economic performance and excellent progress in carrying out their Vision 2030 reform agenda, particularly the doubling of the share of women in the labour force in just four years. Long-term success will depend on maintaining the reform momentum to further diversify the economy. This was a point on which we strongly agreed, and it came up in my meetings with Prince Abdulaziz bin Salman, the minister of energy, Mohammed Al-Jadaan, the minister of finance, Fahad Al-Mubarak, the governor of the central bank, Khalid Al-Falih, the minister of economy and planning, and the management of the public investment fund. I also had enlightening conversations with remarkable Saudi women who have been instrumental in decreasing inequality and fostering the country’s economic development.
IMF was appreciative of the Arab Coordination Group’s recent offer to provide an initial $10 billion to assist the world food supply problem, and Georgieva said she was thrilled that other GCC nations planned to make additional pledges soon. To support those nations most impacted by the present food crisis, the IMF has recently opened a new food security window within our current emergency funding programmes. At the forthcoming IMF/World Bank Annual Meetings, which will take place from October 10 to 16, in Washington, D.C., discussions on international measures to combat food insecurity will continue. “Finally, my visit represented yet another significant turning point in our relationship with the area. By opening an IMF regional office in Riyadh, we are elevating our collaboration. As one of the biggest contributors globally, it will lead engagement with regional institutions, fortify links with national authorities, and aid in the expansion of the IMF’s capacity development initiatives. I want to express my gratitude to the Saudi government for its kind offer to contribute to the capacity-building efforts in the region’s nations, Georgieva added.