IMF chief welcomes Saudi Arabia’s critical role on international level

Riyadh, The Gulf Observer: International Monetary Fund (IMF) Managing Director Kristalina Georgieva welcomed the critical role Saudi Arabia plays on the international level.

The IMF managing director made her remarks on Monday at the end of her two-day visit to Saudi Arabia.

She said: “Saudi Arabia plays a critical role in supporting countries in the region and vulnerable countries more broadly that have been impacted by multiple shocks from the COVID-19 pandemic and the Ukrainian crises.”

Georgieva held several meeting with Saudi officials in Riyadh, including Minister of Energy Prince Abdulaziz Bin Salman, Minister of Finance Mohammed Al-Jadaan, Central Bank Governor Fahad Al-Mubarak, Minister of Investment Khalid Al-Falih, Minister of Economy and Planning Faisal Al-Ibrahim, and management of the Public Investment Fund.

“It has been a great pleasure to once again visit Riyadh to deepen the cooperation between the IMF and Saudi Arabia as well as the Gulf Cooperation Council (GCC), especially in responding to the global series of shocks, including food insecurity.”

The IMF managing director congratulated the authorities on Saudi Arabia’s strong economic performance and impressive progress in implementing their Vision 2030 reform agenda, notably the doubling of the share of women in the labor force in just four years.

As part of her visit, Georgieva also participated in a high-level panel on tackling food insecurity together with Finance Minister Al-Jadaan, Mauritania’s Minister of Economic Affairs and Promotion of Production Sectors Ousmane Kane, Executive Director of the World Food Program David Beasley, and Islamic Development Bank President Muhammad Al-Jasser.

“The event was co-hosted by Saudi Arabia, reflecting its leadership role in addressing this critical challenge,” Georgieva said.

The IMF managing director described her visit as “another important milestone in our partnership with the region.”

“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,” she added.