Saudi Cabinet approves deal to launch IMF regional office in Riyadh

Saudi Arabia’s Cabinet approved on Tuesday an agreement to set up a regional office for the International Monetary Fund (IMF) in the capital, Riyadh, Saudi state news agency SPA reported. The office is expected to further strengthen the IMF engagement and partnership with the region.

In October 2022, Saudi ministry of finance signed an agreement with the IMF to establish a regional office. IMF Managing Director Kristalina Georgieva commented in a statement that the office “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.”

Earlier this year, Jihad Azour – IMF’s Director of the Middle East and Central Asia Department – reiterated the Fund’s plans to set up a new regional office in Riyadh.

“The IMF has also increased its local presence in the region by reopening its Middle East Regional Technical Assistance Center in Beirut and setting up a new regional office in Riyadh, Saudi Arabia. This office will further strengthen the IMF engagement and partnership with the region.” Azour said during a Press Briefing on Regional Economic Outlook Update for Middle East and Central Asia last January.