RIYADH, Saudi Arabia, December 14, 2023 /PRNewswire/ — The International Monetary Fund announced on December 13, 2023 that the Kingdom of Saudi Arabia was chosen to chair the International Monetary and Financial Committee (IMFC), which provides support to the IMF Board of Governors in the supervision and management of the international monetary and financial system, including responses to events that could disrupt the system.
“The Kingdom’s presidency of the IMFC for 2024-2027 reflects the international community’s confidence in the Kingdom’s leadership at the global and regional levels, and the central role it plays in promoting international multilateral efforts,” AlJadaan said. “I thank the former President of the IMFC, Ms. Nadia Calvinofor his achievements during his tenure, and I look forward to working with the members of the IMFC and the management of the IMF to promote the stability and efficiency of the international monetary and financial system,” added Minister AlJadaan.
The IMFC deliberates on issues concerning the growth and stability of the global economy and has become a key instrument in providing strategic direction to the work and policies of the IMF.
The Committee has 24 members, including finance ministers and central bank governors, and operates by consensus, particularly with regard to the selection of its chair. The Committee generally meets twice a year: at the annual and spring meetings of the IMF and the World Bank Group.
The Kingdom’s presidency of the IMFC reaffirms its strong commitment to promoting multilateralism and reflects the leading role it plays in supporting regional and global economic growth.
SOURCE Ministry of Finance
