Saudi Arabia signs MoU with IMF to set up regional HQ in Kingdom

The Kingdom of Saudi Arabia's flag

The Kingdom of Saudi Arabia, represented by the Ministry of Finance, signed a memorandum of understanding (MoU) with the International Monetary Fund (IMF) to establish a regional headquarters for the fund in the Kingdom.

The MoU was signed today in Riyadh by the Minister of Finance Mohammed Al-Jadaan, and the IMF Director-General Kristalina Georgieva, on the sidelines of the symposium, titled "Working Together to Address Food Shortage", in the presence of GCC finance ministers and central bank governors.

The Saudi Cabinet had recently agreed that the Minister of Finance would discuss with the IMF with the aim of establishing a regional headquarters in the Kingdom.

Al-Jadaan also said that the MoU signed with the IMF further strengthens the bilateral partnership.

Georgieva said the fund is taking 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. I would like to thank the government of Saudi Arabia for its generous commitment to investing in building capacity in countries across the region,” she added.