The International Monetary Fund (IMF) opened its regional office in the Saudi capital, Riyadh on Wednesday, as the first office in the Middle East, reported Asharq Al-Awsat. The announcement was made during a conference organized by the Fund in cooperation with the Ministry of Finance, under the name “Industrial Policies to Promote Economic Diversification”.
Last March, the Saudi government approved an agreement to open a regional office for the International Monetary Fund (IMF) in Riyadh.
Previously, the Saudi Ministry of Finance signed an agreement with the IMF to establish a regional office for the Fund in KSA in October 2022. The Ministry stated that this step reflects KSA’s status as one of the largest economies in the region and one of the prominent economies of the G20.
Alibrahim said in the opening speech of the conference that since the launch of Vision 2030, the Kingdom has witnessed fundamental changes. It included the legislative and political system that have led to transforming the business environment, creating new sectors, and launching huge projects such as “NEOM” and “Red Sea”.
He stressed Saudi Arabia’s commitment to diversifying the new economy, adding that the Ministry of Economy and Planning has undertaken a number of studies aimed at diversifying the economic arena in the Kingdom.
The Ministry reviewed all sectors to enhance opportunities, which showed that sustainable economic development requires adopting a model based on diversifying the investment basket.
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