Riyadh, 14 December 2023 (WAI): Mohammed Aljadaan, the finance minister of Saudi Arabia, has been named the next Chairman of the International Monetary and Financial Committee (IMFC), the IMF’s policy advisory body. Aljadaan will serve a three-year term beginning on January 4, 2024.
As of January 3, 2022, Nadia Calvio, the First Vice President of Spain and Minister for Economic Affairs and Digital Transformation, will step down as chair of the IMFC and be replaced by Aljadaan.
Nonetheless, the International Monetary Fund (IMFC), emphasizing world economic development and prosperity, is critical in determining the IMF’s strategic direction and policies.
Furthermore, even when choosing its head, the panel—which consists of 24 members, including central bank governors and finance ministers—operates by agreement.
The IMF and World Bank Forum’s annual and spring meetings are when the Committee gets together twice a year.
Before becoming a minister in November 2016, Finance Minister Aljadaan held the position of Chair of the Board of Directors of the Saudi Capital Market Authority, gaining international expertise.
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Previously, he practiced private law, emphasizing business, finance, financial market transactions, privatization, and public-private partnerships.
“The International Monetary and Financial Committee (IMFC) chairmanship of the Kingdom for 2024–2027 reflects the trust of the international community in the Kingdom’s global and local management and the crucial part it plays in promoting international multilateral efforts,” the statement from Aljadaan.
“I anticipate collaborating with the IMFC members and the IMF administration to foster the viability and efficiency of the global monetary and financial system,” he continued. “I thank Ms. Nadia Calvino, the former Chair of the IMFC, for her accomplishments during her term.”
Mohammad Aljadaan reportedly holds memberships in several international boards, such as the World Bank and International Monetary Fund Boards of Governors, the Islamic Development Bank Board of Governors, the Arab Monetary Fund Board of Governors, and the OPEC Fund for International Development Ministerial Council.
In addition, Saudi Finance Minister Aljadaan leads Saudi Arabia’s delegation to the G20 Finance Ministers and Central Bank Governors meetings and is a member of the Saudi Public Investment Fund and Saudi Aramco boards.
Moreover, he presided over the G20 Finance Track as Chair during Saudi Arabia’s 2020 presidency—a time marked by geopolitical difficulties.
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