The International Monetary Fund (IMF) has received the green light to set up a regional office in Riyadh, marking a significant development approved by the Kingdom’s Shura Council. This decision, reported by the Saudi Press Agency, is anticipated to enhance coordination on economic policies and reforms, fostering regional stability and growth.
During the 21st session of the Shura Council, several agreements, including memorandums of understanding between Saudi Arabia and friendly nations across various sectors, were endorsed. The move stems from a prior agreement project between the Saudi government and the IMF, as recommended by the advisory body’s Financial and Economic Committee.
Ibrahim Al-Mufleh, Council Member and Committee Chairman, highlighted the strategic importance of the decision, emphasizing its alignment with the ongoing collaboration between Saudi Arabia and the IMF.
In addition to the approval for the IMF’s regional office, the Shura Council sanctioned a memorandum of understanding between the Zakat, Tax, and Customs Authority and the Korea Customs Service. This agreement allows for mutual recognition of their Authorized Economic Operator programs, following a comprehensive committee report on the memorandum project.
Furthering its commitment to international partnerships, the advisory body endorsed an energy cooperation agreement between Saudi Arabia and Jordan. This approval followed a detailed report presented by Chairman of the Council’s Committee for Energy and Industry, Osama Aref.
The Shura Council also gave its nod to three cooperation projects between the Saudi Ministry of Industry and Mineral Resources and the Ministries of Industry, Mines, and Energy in Tunisia, as well as the Ministry of Mines and Geology in Senegal.
Furthermore, clearance was granted for a cooperation agreement between the Saudi Ministry of Energy and the Ministry of Mines and Energy in Brazil. These agreements were ratified following the council’s consideration of three reports presented by Aref, emphasizing the kingdom’s commitment to fostering global cooperation.
In a parallel move, approval was secured for a memorandum of understanding between the Saudi Ministry of Transport and Logistic Services and the Ministry of Infrastructure and Equipment in Djibouti. The agreement underscores the collaborative efforts in the logistics services sectors between the two nations, reinforcing their commitment to strengthening bilateral ties.