Riyadh – Mubasher: Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), recently unveiled plans to establish a regional office in Saudi Arabia that would take the bilateral cooperation to a new level.
The office will be based in the capital, Riyadh, coming in line with the IMF’s expansion strategy to bolster its development activities.
Georgieva noted: “It [the office] 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.”
Furthermore, she indicated that Saudi Arabia had witnessed powerful economic performance and significate progress in achieving the Vision 2030 reform agenda. Georgieva pinpointed the government’s efforts in doubling the number of women in the labour force in four years.
“Maintaining the reform momentum to further diversify the economy will be pivotal for longer-term prosperity,” she noted.
Georgieva made the remarks following her two-day visit to Riyadh earlier in October, during which she aimed to strengthen the cooperation between the IMF and Saudi Arabia as well as the GCC amid global crises, including food insecurity.
The IMF official said: “I am therefore grateful for the Arab Coordination Group’s recent announcement to provide an initial $10 billion to alleviate the global food supply crisis and am extremely pleased that several GCC countries are planning to make further pledges soon.”
She said: “We underscored the increasing urgency for an effective and coordinated global response and additional financing to support low‑ and middle‑income countries facing food insecurity.”
Last August, the IMF projected that Saudi Arabia’s growth rate will level up to 7.6% in 2022.
