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Monday, Apr 15, 2024

IMF given green light to establish regional office in Riyadh

IMF given green light to establish regional office in Riyadh

The International Monetary Fund (IMF) has been authorized to open a regional office in Riyadh, following a decision by Saudi Arabia's Shura Council.
This move aims to enhance economic policy coordination and reforms that could lead to regional stability and growth, as reported by the Saudi Press Agency.

At its 21st session on February 26, the council approved various international agreements, including memorandums of understanding (MoUs) with several countries across different sectors.

The council's Financial and Economic Committee, led by Ibrahim Al-Mufleh, recommended the establishment of the IMF office. Additionally, an MoU between Saudi Arabia's Zakat, Tax, and Customs Authority and Korea Customs Service was approved to acknowledge each other's Authorized Economic Operator programs.

The council also endorsed an energy cooperation agreement with Jordan, three industrial and mining cooperation projects with Tunisia and Senegal, and an energy agreement with Brazil.

Furthermore, they approved an MoU for logistical cooperation between Saudi Arabia and Djibouti, as well as a tourism cooperation agreement with Ivory Coast.

In the health sector, the council cleared a partnership between the Saudi Food and Drug Authority and Portugal's National Authority of Medicines and Health Products. A cooperation deal in meteorology and climate with Tunisia was also sanctioned.

Lastly, agreements between Saudi Arabia and Tunisia for agricultural research and water cooperation were endorsed by the council.
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