Finance Minister Al-Jadaan to chair IMF committee for another year — Asharq Al-Awsat

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan has agreed to extend his term as chair of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund by one year. His current three-year term expires on January 3, 2027.

As Asharq Al-Awsat reports, committee members asked Al-Jadaan to remain in the position for another year, and he agreed. The IMF said the decision is intended to ensure continuity in the committee’s work and maintain momentum in advancing its key priorities, including important ongoing reforms.

Term as chair

Al-Jadaan was elected chair of the IMFC for a three-year term beginning on January 4, 2024. Committee members expressed appreciation for his leadership and said the extension of his mandate would help sustain work on priority areas and reforms.

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Role of the committee

The International Monetary and Financial Committee is the main policy advisory body of the IMF’s Board of Governors. It consists of finance ministers and central bank governors who consider key issues concerning the Fund and the international monetary and financial system.

The committee has 25 members, in line with the composition of the IMF Executive Board. Each country or group of countries that elects an executive director to the board appoints its representative to the IMFC. The committee usually meets twice a year — during the Spring Meetings and in the autumn alongside the annual meetings of the IMF and the World Bank.