The International Monetary Fund (IMF) announced the establishment of a new regional office in Riyadh, Saudi Arabia, on Wednesday. This move signifies the organization's commitment to strengthening its partnerships with governments and institutions across the Middle East and beyond.
The Riyadh office will serve as a central hub for the IMF's activities in the region. It will allow the organization to expand its capacity building programs, enhance its economic surveillance, and improve outreach efforts. These initiatives aim to foster greater financial stability, promote economic growth, and encourage regional integration.
The IMF's deeper engagement will extend to regional institutions, governments, and other stakeholders. The organization expressed its gratitude to Saudi Arabia for its financial contribution, which will be used to bolster capacity development programs, including for fragile states.
Abdoul Aziz Wane, a seasoned IMF leader with extensive experience within the organization and a vast network of policymakers and academics globally, will head the new regional office.
The inauguration of the Riyadh office coincided with a two-day conference co-organized by the IMF and Saudi Arabia's Ministry of Finance. The conference, held on April 24th and 25th, focused on industrial policy as a tool for economic diversification. Discussions aimed to revisit core principles of industrial policy and analyze success stories and challenges from other regions, including the economic miracles of some Asian countries.
The establishment of the IMF's regional office in Riyadh is a significant development for the Middle East. It reflects the growing importance of the region in the global economy and the IMF's commitment to supporting its continued development and stability. The new office is expected to play a vital role in facilitating closer collaboration between the IMF and regional actors on a wide range of economic and financial issues.