Saudi Cabinet approves new IMF office in Riyadh

ISTANBUL

The Saudi Cabinet on Wednesday gave the IMF the greenlight to set up a regional office in the capital Riyadh, the state-run Saudi Press Agency reported.

The Saudi government and the International Monetary Fund signed an initial agreement for the office in 2022.

The office aims to enhance the presence and collaborative efforts of the fund with Arab institutions, according to IMF Governor Kristalina Georgieva.

Mohammed Aljadaan, the Saudi finance minister, had also said that the office will develop a strong collaboration.​​​​​​​