Saudi Arabia Hosts Historic IMF IMFC Deputies Meeting in Diriyah

Diriyah: The third meeting of the International Monetary and Financial Committee (IMFC) Deputies, under the chairmanship of Saudi Arabia, kicked off yesterday in the historic city of Diriyah and continues through today.

This marks the first time the IMFC meeting is held in Saudi Arabia, reflecting the Kingdom’s growing role in shaping the global economy and supporting multilateral cooperation.

In his opening speech, Saudi Minister of Finance Mohammed Aljadaan praised the International Monetary Fund (IMF) for its leadership during challenging times. He highlighted the importance of global cooperation to achieve financial stability and inclusive economic growth.

Key Features

• Aljadaan also celebrated a historic milestone the IMFC now includes a 25th member from Africa for the first time ever. He said Saudi Arabia is committed to strengthening the voices of emerging markets and developing economies within global financial platforms like the IMFC.

• IMF Managing Director Dr. Kristalina Georgieva thanked Saudi Arabia for its continued support and leadership. She emphasized the importance of the IMF’s mission in helping countries maintain economic and financial stability, especially during times of major global policy changes.

• “Our 191 member countries can rely on the IMF as a trusted advisor,” she said, adding that the Fund’s role is just as vital today as it was when it began 80 years ago.

• In the first high-level panel titled “Breaking from The Low-Growth, High-Debt Path”, participants discussed how the global economy is at a turning point. They noted that while there are new opportunities, many countries face low growth, high debt, and uncertainty, which limits investment in key areas like infrastructure, jobs, and social services.

• They also explored the risks and opportunities created by artificial intelligence, digital transformation, and changing demographics, all of which are shaping the future of the global economy.

• The second panel, “Strengthening the Global Financial Safety Net”, focused on the IMF’s role in helping countries manage financial crises. Discussions centered on how to improve partnerships between the IMF and regional financial institutions to better support countries facing balance-of-payments issues.

• By hosting this major IMF event, Saudi Arabia shows its strong commitment to international cooperation and its leadership in promoting regional and global economic growth.

• The IMFC plays a key role in guiding global financial policies. Its meetings bring together top decision-makers to tackle urgent issues like growth, stability, and crisis prevention.

• This gathering in Diriyah, a city rich in culture and history, highlights the Kingdom’s role in shaping the future of the global economy.

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