(MENAFN) The Saudi Cabinet approved the establishment of a regional office for the International Monetary Fund (IMF) in the capital city of Riyadh, according to a report from a state-run news agency on Wednesday.
This decision follows an initial agreement signed between the Saudi government and the IMF in 2022 to establish the office. The primary objective of this regional office, as highlighted by IMF Governor Kristalina Georgieva, is to bolster the presence of the fund in the region and facilitate collaborative efforts with Arab institutions.
Saudi Finance Minister Mohammed Aljadaan also emphasized the importance of the newly approved office, noting that it is expected to foster strong collaboration between the IMF and relevant stakeholders in Saudi Arabia and the broader Arab region.
The establishment of this office signifies a significant step towards enhancing economic cooperation and engagement between the IMF and countries in the Middle East, particularly in areas pertaining to financial stability, policy coordination, and capacity building.
By providing a physical presence in Riyadh, the IMF aims to deepen its engagement with regional partners and leverage its expertise to support economic development and resilience efforts in the Arab world.
The establishment of this regional office underscores Saudi Arabia's commitment to fostering international cooperation and contributing to the advancement of economic stability and growth in the region.
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