Riyadh, 14 December 2023(TDI): The International Monetary and Financial Committee (IMFC), the IMF’s policy advisory body, has appointed Saudi Arabia’s Finance Minister, Mohammed Aljadaan, as the next Chairperson for a three-year term starting on January 4, 2024.
Mr. Aljadaan will take the presidency of the IMFC, replacing Ms. Nadia Calvio, Spain’s First Vice President and Minister for Economic Affairs and Digital Transformation, who has served as chairperson since January 3, 2022.
However, the International Monetary Fund (IMFC) plays a vital role in shaping the IMF’s strategic direction and policies by focusing on global economic progress and prosperity.
Additionally, the panel, which is comprised of 24 members, primarily finance ministers and central bank governors, operates by consensus, even in the nomination of its chair.
The Committee convenes twice annually at the annual and spring meetings of the IMF and World Bank Forum.
In terms of global experiences, the Finance Minister Aljadaan also served as the Chair of the Saudi Capital Market Authority’s Board of Directors before being appointed as minister in November 2016.
Before that, he worked as a private lawyer, specializing in commerce, finance, financial market transactions, privatization, and public-private partnerships.
Aljadaan stated that “the Kingdom’s chairmanship of the International Monetary and Financial Committee (IMFC) for 2024–2027 reflects the trust of the international community in the Kingdom’s leadership globally and regionally and the pivotal role it plays in promoting international multilateral efforts.”
“I thank the former Chair of the IMFC, Ms. Nadia Calvino, for her accomplishments during her term, and I look forward to working with the IMFC members and the IMF management to promote the stability and effectiveness of the international monetary and financial system,” he further added.
According to the reports, Mohammad Aljadaan also serves as a member of various international boards, including the OPEC Fund for International Development Ministerial Council, the International Monetary Fund and World Bank Boards of Governors, the Arab Monetary Fund Board of Governors, and the Islamic Development Bank Board of Governors.
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Furthermore, Saudi Finance Minister Aljadaan heads the country’s presence at G20 Finance Ministers and Central Bank Governors sessions, as well as serving on the boards of the Saudi Public Investment Fund and Saudi Aramco.
Additionally, he also served as Chair of the G20 Finance Track during Saudi Arabia’s 2020 presidency, a period identified by geopolitical challenges.