https://arab.news/zjbgd
RIYADH: Saudi Finance Minister Mohammed Al-Jadaan has appointed Ryadh Al-Khareif as his deputy at the International Monetary and Financial Committee.
The appointment of Al-Khareif, who is also Saudi Arabia’s deputy minister of finance for international relations, follows the announcement by the International Monetary Fund in December selecting the Kingdom to chair the IMFC during the 2024-2027 term.
The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, includng responses to unfolding events that may disrupt the division, according to the IMF website.
“The Kingdom’s chairmanship of the IMFC reaffirms its strong commitment to promoting multilateralism and reflects the leading role it plays in supporting regional and global economic growth,” said Saudi Arabia’s ministry of finance in a press statement.
It added: “The IMFC deliberates on matters concerning the growth and stability of the global economy, seeking to ensure global financial stability.”
The IMFC currently has 24 members, including finance ministers and central bank governors from developed, developing, and low-income countries.
Before becoming the deputy minister at the ministry of finance, Al-Khareif was the alternate executive director for Saudi Arabia at the IMF. Before joining the fund, Al-Khareif was the head of the studies division at the Saudi Central Bank, also known as SAMA.
Earlier this month, speaking at the Eighth Annual Arab Fiscal Forum in Dubai, Kristalina Georgieva, managing director of the IMF, said that ministers from the region, including Al-Jadaan, will steer the direction of the World Bank and the IMF.
“For the observable future, ministers from the region will steer the direction of the World Bank and IMF — with Minister Mohammed bin Hadi Al-Hussaini (UAE Minister of State for Financial Affairs) as the chair of the Development Committee and Minister Al-Jadaan as the chair of the IMFC,” said Georgieva.
She also added that the Arab region has a crucial role to play as the world is going through challenging times, which include unprecedented geopolitical tensions.
According to Georgieva, the Arab region can “plant the seed of a better and more stable future in these challenging conditions.”
She went on to say that the role of the region in developing the global economy is rapidly increasing as the world is witnessing significant changes.