Riyadh, Saudi Arabia— International Monetary Fund and Gulf Cooperation Council have agreed on the need to continue dialogue on the ongoing economic reforms in the Middle East region and to enhance coordination efforts to support countries in the region and tackle global crises, IMF Managing Director Kristalina Georgieva said.
In a statement made on the conclusion of her two-day visit to Saudi Arabia, Georgieva hailed the kingdom’s strong “economic performance and impressive progress in implementing their Vision 2030 reform agenda, notably the doubling of the share of women in the labor force in just four years”.
“Maintaining the reform momentum to further diversify the economy will be pivotal for longer-term prosperity. This was an area of strong agreement echoed in my meetings with Minister of Energy Prince Abdulaziz bin Salman, Minister of Finance Mohammed Al-Jadaan, Central Bank Governor Fahad Al-Mubarak, Minister of Investment Khalid Al-Falih, Minister of Economy and Planning Faisal Alibrahim, and Management of the Public Investment Fund,” she said.
“I also held inspiring discussions with impressive Saudi women who have played a leading role in reducing inequalities and supporting Saudi Arabia’s economic growth,” she said.
Georgieva also hailed the kingdom’s role in supporting countries in the region and “vulnerable countries more broadly that have been impacted by multiple shocks from the COVID-19 pandemic and now Russia’s war in Ukraine”.
As part of the GCC meeting, she also participated in a high-level panel on tackling food insecurity together with Saudi Finance Minister Al-Jadaan, Mauritania’s Minister of Economic Affairs and Promotion of Production Sectors Ousmane Kane, Executive Director of the World Food Program David Beasley, and Islamic Development Bank President Muhammad Al-Jasser.
“We underscored the increasing urgency for an effective and coordinated global response and additional financing to support low‑ and middle‑income countries facing food insecurity,” she said.
She added that IMF was taking the cooperation “to a new level by establishing an IMF regional office in Riyadh”.
“It will spearhead engagement with regional institutions, strengthen relationships with country authorities, and help expand the IMF’s capacity development activities—which will make it one of the largest contributors globally,” Georgieva said.