Kingdom’s financial and monetary capabilities are trusted globally 
The International Monetary Fund announced on Dec. 13 that Saudi Arabia has been selected to chair the International Monetary and Financial Committee. This committee provides support to the IMF Board of Governors in supervising and managing the international monetary and financial system, including, but not limited to, responding to unfolding events that may disrupt the system.
Saudi Minister of Finance Mohammed Al-Jadaan said: “The Kingdom’s chairmanship of the 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.”
Although the IMF does not have formal decision-making powers, it deliberates on matters concerning the growth and stability of the global economy and has become a key instrument in providing strategic direction to the IMF regarding financial policies.
The committee consists of 24 members, including finance ministers, central bank governors, and others of similar rank, who are typically members of the Board of Governors representing the 190 IMF countries. The IMFC operates by consensus, including in the selection of its chair.
The committee meets twice a year — at the IMF and World Bank Group annual and spring meetings.
The Kingdom’s chairmanship of the IMFC reaffirms its strong commitment to promoting multilateralism and reflects the leading role it plays in supporting regional and global economic growth.
I believe that the IMFC can benefit from the Kingdom’s longstanding experience in finance and monetary matters, promoting global financial stability and improving the international financial system.
Additionally, the Kingdom can enhance the transparency and accountability of the international financial system, including governance.
It can also help ensure that the global financial system is sustainable and robust enough to withstand any unforeseen economic shocks or crises, such as the 2007-2008 financial crisis — the most severe worldwide economic downturn since the Great Depression of 1929-1939, impacting most countries across the world.
I believe that Saudi Arabia deserves to chair the IMFC for the next four years as it has proven to the world its strong capabilities in safeguarding its economy from various global financial and non-financial crises, such as the recent COVID-19 crisis, which caused severe damage to the global economy.
Finally, I believe that during its presidency, Saudi Arabia will strengthen international cooperation to reach comprehensive and applicable international financial and monetary policies. Especially in our region, the Kingdom will emphasize the importance of transparency and strong accountability in managing global financial and monetary affairs.
— Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
