The International Monetary Fund (IMF) has received approval from the Shura Council of Saudi Arabia to establish an office in the country’s capital. The decision is expected to enhance coordination on economic policies and reforms, fostering improved regional stability and growth. The Shura Council, during its 21st session on February 26, endorsed several agreements, including memorandums of understanding between Saudi Arabia and friendly nations across diverse sectors. The approval for the IMF office follows a recommendation from the council’s Financial and Economic Committee, based on a prior agreement project between the Saudi government and the IMF. The move reflects efforts to strengthen economic cooperation and policy coordination.
In addition to the IMF office approval, the Shura Council greenlit various agreements, including a memorandum of understanding between the Zakat, Tax, and Customs Authority and the Korea Customs Service for mutual recognition of their Authorized Economic Operator programs. The council also endorsed an energy cooperation agreement between Saudi Arabia and Jordan and sanctioned cooperation projects between the Saudi Ministry of Industry and Mineral Resources and the ministries in Tunisia and Senegal. Cooperation agreements in the transportation sector with Djibouti, tourism sector with Ivory Coast, and agreements in health, meteorology, and agriculture sectors with Portugal, Tunisia, and Ivory Coast were also granted approval. The endorsement of these agreements demonstrates Saudi Arabia’s commitment to fostering collaboration across various domains for mutual benefit.