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RIYADH, Saudi Arabia, Dec. 14, 2023 /PRNewswire/ — The International Monetary Fund announced on December 13, 2023 that the Kingdom of Saudi Arabia has been elected to chair the International Monetary and Financial Committee (IMFC), which provides support to the Board of Governors of the IMF in the supervision and management of the international monetary and financial market. financial system, including responses to events that may disrupt the system.
“The Kingdom’s presidency of the IMFC for 2024-2027 reflects the international community’s confidence in the Kingdom’s leadership at the global and regional levels, and the critical role it plays in promoting international multilateral efforts,” AlJadaan explained. “I thank former IMFC President Nadia Calvino for her achievements during her tenure, and I look forward to working with IMFC members and IMF management to promote the stability and effectiveness of the international monetary and financial system,” added Minister AlJadaan.
The IMFC deliberates on issues relating to the growth and stability of the global economy and has become a key instrument in providing strategic direction to the IMF’s work and policies.
The Committee has 24 members, including finance ministers and central bank governors, and operates by consensus, including the selection of its chairman. The committee usually meets twice a year: at the annual and spring meetings of the IMF and the World Bank Group.
The Kingdom’s presidency of the IMFC reaffirms its firm commitment to promoting multilateralism and reflects the leadership role it plays in supporting regional and global economic growth.
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