Riyadh – Mubasher: The International Monetary Fund (IMF) and Saudi Arabia’s Ministry of Finance held the second High-Level Strategic Dialogue on Capacity Development and agreed to a suite of support to IMF capacity development across the Middle East, North Africa, Sub-Saharan Africa and globally.
Director of the Middle East and Central Asia Department of the IMF, Jihad Azour, and Director of the Institute for Capacity Development, Catriona Purfield, issued a statement following a visit to Saudi Arabia, stating that the discussion covered how the Saudi Arabia-IMF partnership can further economic reforms and respond to increasing demand for capacity development (CD) from IMF member countries across the world, especially in times of heightened global and regional uncertainty, including from the war in the Middle East.
They also exchanged insights on priorities and strategies for economic growth and improved resilience of the member countries in the Middle East and beyond, according to an official statement.
Amounting to $279 million over 10 years, the capacity development partnership between Saudi Arabia and the IMF commenced in 2024, making the Kingdom the third largest partner of the IMF’s capacity development work.
Across three pillars, the Saudi Ministry of Finance supports the MENA region through the Regional Office in Riyadh, self-financed capacity development to Saudi Arabia, the Middle East Regional Technical Assistance Center (METAC), the Somalia Country Fund), sub-Saharan Africa through the IMF’s network for African Regional Capacity Development Centers, and global priorities (through the IMF’s thematic funds).
The IMF highlighted that its regional office in Riyadh was established to strengthen policy dialogue in the region, improve regional coordination, and help respond to increased demand for capacity development, complementing the work of the IMF’s Middle East Center for Economics and Finance (CEF) in Kuwait and METAC in Lebanon.
It added: “The Regional Office in Riyadh’s partnership with Saudi Arabia has strengthened the IMF’s capacity development to IMF member countries, including 31 activities across the MENA region and beyond, targeting over 800 participants during the fiscal year 2026.”
Meanwhile, the continued success of such strategic engagements highlights the importance of partnerships to drive economic transformation and contribute to regional and global economic stability.
