IMF to establish regional office in Riyadh
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IMF to establish regional office in Riyadh

The fund’s managing director said that the office will ‘spearhead engagement with regional institutions and strengthen relationships with country authorities’.

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October 4, 2022
Saudi Arabia - FDI

The International Monetary Fund (IMF) is set to establish a regional office in Riyadh, Saudi Arabia.

IMF managing director, Kristalina Georgieva, took to Twitter to announce that a memorandum of understanding (MoU) was signed to establish the fund’s office in the kingdom.

IMF’s Georgieva recently concluded her two-day visit to Saudi Arabia.

Speaking of the establishment of the regional office at the end of her visit, Georgieva said that “it will spearhead engagement with regional institutions, strengthen relationships with country authorities, and help expand the IMF’s capacity development activities.”

As part of the GCC meeting, Georgieva also participated in a high-level panel on tackling food insecurity together with other officials during her visit. “I am grateful for the Arab Coordination Group’s recent announcement to provide an initial $10bn to alleviate the global food supply crisis and am extremely pleased that several GCC countries are planning to make further pledges soon,” she added.

““For its part, the IMF has just launched a new food security window under our existing emergency financing programmes to help provide additional funds to those countries most affected by the current food crisis.”

Saudi Arabia’s finance minister, Mohammed bin Abdullah Al-Jadaan also took to Twitter to underpin the kingdom’s support for the fund’s efforts to mitigate the impact of the food crisis.

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