International Monetary Fund opens regional office in Saudi capital Riyadh

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The International Monetary Fund on Wednesday opened a new regional office in Saudi Arabia’s capital Riyadh.

Abdoul Aziz Wane, a national of Senegal, has been appointed as the first director of the regional office.

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Saudi Arabia’s cabinet approved an agreement to establish an IMF regional office in the country in March.

In an interview with Al Arabiya Business during the opening of the Riyadh office, Wane highlighted the IMF’s objective to enhance dialogue with the Gulf states, especially Saudi Arabia, through its Riyadh presence.

Riyadh was selected by the IMF due to the organization’s strong ties with Saudi Arabia, Wane said.

In a statement, the IMF said the move aims to “enhance the partnership with countries in the Middle East and beyond.”

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“The new office will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration,” the statement said.

“It will strengthen the IMF’s engagement with regional institutions, governments, and other stakeholders. The IMF is grateful for the Kingdom of Saudi Arabia’s financial contribution to boost capacity development to IMF members — including fragile states,” it added.

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