Riyadh, April 26, 2024, On Wednesday, the International Monetary Fund (IMF) inaugurated its inaugural regional office in Riyadh, marking the organization's first presence in the Middle East and North Africa region. The launch took place during the Joint Regional Conference on Industrial Policy for Diversification, a collaborative effort between the IMF and the Ministry of Finance.
The establishment of this regional office is aimed at bolstering capacity-building initiatives, regional surveillance efforts, and outreach programs. These endeavors are designed to promote stability, foster economic growth, and encourage regional integration, thereby cultivating partnerships within the Middle East and extending beyond.
Moreover, the new office will facilitate closer cooperation between the IMF and various regional institutions, governments, and stakeholders. This collaboration is expected to enhance the IMF's engagement and effectiveness in addressing economic challenges and promoting sustainable development across the region.
The IMF expressed gratitude to Saudi Arabia for its financial contributions, which are dedicated to enhancing capacity development in IMF member countries, including those facing fragile economic conditions.
Abdoul Aziz Wane, a distinguished IMF director with extensive experience and a wide-ranging network of policymakers and academics globally, has been appointed as the inaugural director of the Riyadh office. His expertise and leadership are expected to play a pivotal role in advancing the IMF's objectives and fostering economic resilience and prosperity in the region.
