Saudi finance minister is new chair of key IMF panel

Arabian Put up Employees

The members of the , have chosen Saudi Arabia’s Minister of Finance Mohammed Aljadaan would be the new Chair of the Worldwide Financial and Monetary Committee (IMFC), the coverage advisory physique of the Board of Governors of the Worldwide Financial Fund (IMF). The time period is for 3 years.

Aljadaan will succeed Ms. Nadia Calviño, Spain’s First Vice President and Minister for Financial Affairs and Digital Transformation, who has chaired the IMFC since January 3, 2022.

Previous to his ministerial appointment in November 2016, Aljadaan served as Chair of the Board of the Capital Market Authority of Saudi Arabia. Earlier than that, he labored as a personal lawyer specializing in business legislation, finance and monetary market transactions, privatization, and partnership between the private and non-private sector.

On the worldwide degree, Aljadaan serves on the Ministerial Council of the OPEC Fund for Worldwide Improvement, the Boards of Governors of the Worldwide Financial Fund and World Financial institution, the Board of Governors of the Arab Financial Fund, the Board of Governors of the Islamic Improvement Financial institution, and the Board of Governors of the Asian Infrastructure Funding Financial institution.

He additionally heads Saudi Arabia’s delegation to the conferences of G20 Finance Ministers and Central Financial institution Governors and can be a member of the Board of Administrators of the Saudi Public Funding Fund and the Board of Administrators of Saudi Aramco.

Aljadaan beforehand presided because the Chair of G20 Finance Observe through the Saudi G20 Presidency in 2020, a 12 months marked by unprecedented international challenges.

The IMFC, comprising finance ministers and central financial institution governors, is the first coverage advisory physique of the Board of Governors of the Worldwide Financial Fund (IMF) and deliberates on the principal coverage points going through the IMF. The Committee has 24 members, reflecting the composition of the IMF Government Board. Every member nation or group of nations that elects an Government Director additionally appoints a member of the Committee. The IMFC usually meets twice a 12 months—within the spring and through the IMF/World Financial institution Annual Conferences within the fall. Its subsequent assembly is scheduled to be held in April 2024, in Washington, D.C.

Additionally printed on Medium.