The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has approved the establishment of a regional office for the International Monetary Fund (IMF) in Riyadh.
This step represents a significant leap in strengthening cooperation between the Kingdom of Saudi Arabia and the IMF, reflecting the Kingdom’s position as a prominent regional economic center.
The IMF’s regional office in Riyadh will facilitate enhanced cooperation with the Kingdom of Saudi Arabia, supporting its efforts to achieve economic stability and sustainable development. Additionally, it will contribute to fostering cooperation with other Arab countries in various economic and financial fields.
The Kingdom of Saudi Arabia is the largest economy in the region and one of the most prominent economies in the G20, playing a pivotal role in promoting stability and development in the region.
IMF Managing Director Kristalina Georgieva emphasized that the new office in Riyadh will work to strengthen the Fund’s presence and partnerships with Arab institutions, contributing to achieving sustainable economic development in the region.
In its latest report, the IMF lowered its forecasts for Saudi Arabia’s economic growth in 2024 to 2.7%, anticipating a slowdown in the recovery pace amid lower oil production. However, the Fund expects non-oil activity to remain robust this year, supported by government and private sector investments.
