The IMF has officially launched its regional office in Riyadh with the aim of strengthening partnership with the countries of the Middle East and beyond, engaging with regional institutions, and strengthening relations with governments in the countries of the region by expanding the scope of its activities in the field of capacity development, and implementing policies that contribute to achieving a sustainable and diversified growth model in the region.

The minister of Finance of the kingdom of Saudi Arabia, Mohammed Al-Jadaan, signed a memorandum of understanding with the director general of the fund, Kristalina Georgieva, in October 2022, to establish a regional office in the Kingdom, and then the Saudi Council of ministers announced in March its approval of the headquarters agreement between the Saudi government and the IMF.

The announcement of the official launch of the regional office came during the launch of a conference currently organized by the International Monetary Fund in cooperation with the Ministry of Finance under the title "industrial policies to promote economic diversification", in the presence of Minister of economy and planning Faisal al-Ibrahim.

According to a statement issued by the IMF, the new office will work to strengthen partnership with the countries of the Middle East and beyond, expand capacity-building, regional monitoring and networking to promote stability, growth and regional integration, and will strengthen the IMF's engagement with regional institutions, governments and other stakeholders.

The IMF expressed its gratitude for the financial contribution made by Saudi Arabia to enhance the capacity development of the fund's members - including Fragile States.

The first director of the regional office will be Abdulaziz Wani, an experienced IMF leader with deep knowledge of the institution and a wide network of policymakers and academics around the world, according to the statement.

The opening of a regional office of the IMF in Saudi Arabia is evidence of the international institution's recognition of the strength of the Saudi economy on the one hand, and the status it enjoys regionally and internationally. The structural reforms implemented by Saudi Arabia quickly within the framework of the" Vision 2030 "were an additional reason for the fund's decision, and Saudi Arabia's role within the" group of twenty " and its economic data put the kingdom in the center of gravity in the region.