The International Monetary Fund is the latest high-profile organization to get approval to establish an office in the Saudi capital following a decision by the Kingdom’s Shura Council.
The move is expected to foster greater coordination on economic policies and reforms, leading to improved regional stability and growth, the Saudi Press Agency reported. During its 21st session, the country’s consultative council endorsed numerous agreements, including memorandums of understanding between Saudi Arabia and friendly nations, spanning diverse sectors.
The resolution follows a recommendation from the advisory body’s Financial and Economic Committee, with Council Member and Committee Chairman Ibrahim Al-Mufleh, noting that it stems from a prior agreement project between the Saudi government and the IMF.
Moreover, the council greenlit a memorandum of understanding between the Zakat, Tax, and Customs Authority and the Korea Customs Service, allowing mutual recognition of their Authorized Economic Operator programs. This approval followed a committee report on the memorandum project.
Additionally, the advisory body endorsed an energy cooperation agreement between Saudi Arabia and Jordan, based on a report presented by Chairman of the Council’s Committee for Energy and Industry Osama Aref.
Furthermore, it sanctioned three cooperation projects between the Saudi Ministry of Industry and Mineral Resources and the Tunisian Ministry of Industry, Mines, and Energy, along with the Senegalese Ministry of Mines and Geology.
During the meeting, clearance was also granted for a cooperation agreement between the Saudi Ministry of Energy and the Ministry of Mines and Energy in Brazil. These agreements were ratified after the council’s consideration of three reports presented by Aref.
Similarly, approval was granted for an MoU between the Saudi Ministry of Transport and Logistic Services and the Ministry of Infrastructure and Equipment in Djibouti, emphasizing cooperation in the logistics services sectors. —AN
