The International Monetary Fund (IMF) has launched a regional office in Riyadh, becoming the Fund’s first office in the Middle East and North Africa (MENA) region.
The International Monetary Fund is a major financial agency of the United Nations and an international financial institution funded by 190 member countries. The organization is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members’ economies, as per the statement.
The office was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and Saudi Arabia’s Ministry of Finance.
The new regional office aims to strengthen capacity building, regional surveillance, and outreach in order to foster stability, growth, and regional integration, thereby promoting partnerships in the Middle East and beyond. Further, the office will facilitate closer collaboration between the IMF and regional institutions, governments, and other stakeholders.
The IMF expressed its appreciation to Saudi Arabia for its financial contribution aimed at enhancing capacity development in IMF member countries, including fragile states.
According to the statement, “Abdoul Aziz Wane, a seasoned IMF director with an extensive understanding of the institution and a broad network of policymakers and academics worldwide, will serve as the first director of the Riyadh office.”
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