RIYADH — Saudi Minister of Finance Mohammed Al-Jadaan has been chosen to chair the International Monetary and Financial Committee (IMFC) for a period of three years effective from January 4, 2024. Al-Jadaan will succeed Nadia Calviño, Spain's first vice president and minister for economic affairs and digital transformation, who has chaired the IMFC since January 3, 2022. IMFC is the primary policy advisory body of the Board of Governors of the International Monetary Fund (IMF). The IMF announced on Wednesday that members of the IMFC appointed Al-Jadaan to chair the IMFC, which provides support to the IMF Board of Governors on the supervision and management of the international monetary and financial system. The IMFC deliberates on the matters concerning the growth and stability of the global economy, and has become a key instrument for providing strategic direction to the work and policies of the IMF. Reacting to the prestigious appointment and honor to Saudi Arabia, Al-Jadaan said that the 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. "I thank the Former Chair of the IMFC 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 said. The IMFC deliberates on the principal policy issues facing the IMF. The Committee has 24 members, comprising finance ministers and central bank governors, and operates by consensus, including on the selection of its Chair. The committee is reflecting the composition of the IMF Executive Board. Each member country or group of countries that elects an executive director also appoints a member of the committee. The IMFC normally meets twice a year—in the spring and during the IMF/World Bank Annual Meetings in the fall. Its next meeting is scheduled to be held in April 2024 in Washington, D.C. It was pointed out that Saudi Arabia's chairmanship of the IMFC reaffirms its strong commitment to promoting multilateralism, and reflects the leading role it plays towards supporting regional and global economic growth.
