Riyadh, December 13, 2023, The International Monetary Fund (IMF) has announced that the Kingdom of Saudi Arabia will serve as the Chair of the International Monetary and Financial Committee (IMFC) for the period of 2024-2027. The IMFC supports the IMF Board of Governors in supervising and managing the international monetary and financial system, addressing challenges and disruptions that may arise.
Saudi Arabia's selection to chair the IMFC reflects the trust of the international community in the Kingdom's global and regional leadership, recognizing its pivotal role in promoting international multilateral efforts. Minister Mohammed Aljadaan expressed gratitude to the former Chair of the IMFC, Ms. Nadia Calvino, for her achievements during her term and looks forward to working with IMFC members and the IMF management to promote the stability and effectiveness of the international monetary and financial system.
The IMFC plays a crucial role in deliberating on matters related to the growth and stability of the global economy, providing strategic direction to the work and policies of the IMF. Comprising finance ministers and central bank governors, the Committee operates by consensus, holding meetings twice a year during the IMF and World Bank Group Annual and Spring Meetings.
Saudi Arabia's chairmanship of the IMFC reaffirms its strong commitment to promoting multilateralism and underscores its leadership role in supporting regional and global economic growth.
