The International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) announced a request for a one-year extension of Saudi Finance Minister Mohammed Aljadaan's term as Committee Chair after his current term ends on January 3, 2027. The move aims to ensure continuity in the Committee's work and maintain momentum in advancing its key priorities, including important ongoing reforms. In a statement issued Tuesday, the IMF said Committee members had asked Aljadaan to extend his term as Chair for an additional year and that he had agreed. Aljadaan was selected to chair the Committee for a three-year term beginning January 4, 2024. Committee members expressed appreciation for Aljadaan's leadership, saying the extension would help ensure continuity and sustain momentum in addressing the Committee's key priorities, including its efforts on important ongoing reforms. The IMFC is the primary policy advisory body of the IMF's Board of Governors and comprises finance ministers and central bank governors. It deliberates on major policy issues facing the Fund and the international monetary and financial system. The Committee has 25 members, reflecting the composition of the IMF's Executive Board. Each member country, or group of member countries that elects an Executive Director to the Board, appoints a representative to the Committee. The IMFC normally meets twice a year, once during the Spring Meetings and again in the fall, alongside the Annual Meetings of the IMF and World Bank Group.
