Mubasher: The members of the International Monetary and Financial Committee (IMFC) have asked Mohammed Aljadaan, Saudi Arabia’s Minister for Finance, to extend his term as Chair of the Committee, according to an official IMF statement.
Saudi Minister Aljadaan, who was selected as Chair for a term of three years as of 4 January 2024, has accepted the extension by one year.
This action follows the conclusion of Aljadaan’s current term on 3 January 2027.
The members of the IMFC value the Saudi Minister’s strong leadership and believe that extending his term will help ensure continuity and maintain momentum on the Committee’s key priorities, including its work on significant ongoing reforms.
The IMFC, which comprises finance ministers and central bank governors, is the IMF’s policy advisory committee. It deliberates on the principal policy issues facing the IMF and the international monetary and financial system.
Furthermore, the Committee has 25 members, reflecting the composition of the IMF Executive Board. Each member country or group of countries that elects an Executive Director appoints a member of the Committee.
The IMFC normally meets twice a year, in the spring and at the time of the IMF-World Bank Annual Meetings in the fall.
Meanwhile, the extension of Aljadaan’s term was agreed unanimously by Committee members, with the support of IMF management, in recognition of Saudi Arabia’s successful chairmanship in fostering international consensus on economic and financial issues amid economic challenges and heightened uncertainty, as well as in appreciation of the Kingdom’s initiatives and steadfast commitment to promoting dialogue and strengthening multilateral cooperation.
