Saudi Arabia Signs MoU with IMF to Establish Regional Office in Riyadh

Saudi Arabia Signs MoU with IMF to Establish Regional Office in Riyadh

Saudi Arabia concluded a memorandum of understanding with the International Monetary Fund (IMF) to establish a regional office in Riyadh, which would boost its presence in the region and provide its economic recommendations to the countries of the Gulf and the region.

Saudi Minister of Finance Mohammed al-Jadaan signed the MoU with IMF Managing Director Kristalina Georgieva in Riyadh. A number of Gulf finance ministers and officials were present at the event.

Jadaan said Gulf countries had significantly benefited from support for capacity development, and necessary reforms are currently being implemented in light of the challenging global environment.

He reiterated Saudi Arabia's keenness, along with the Gulf countries, to address food insecurity and work together to eliminate the crisis, adding that establishing a regional office in Riyadh strengthens relations.

"We are taking our cooperation to a new level by establishing an IMF regional office in Riyadh. It will spearhead engagement with regional institutions, strengthen relationships with country authorities, and help expand the IMF's capacity development activities—which will make it one of the largest contributors globally," Georgieva said.

Food security

Georgieva said her meeting with Saudi ministers tackled global issues and was instrumental in further deepening the cooperation between the IMF and Saudi Arabia, as well as