Tunis:The International Monetary Fund (IMF) has announced a one-year extension of Mohammed Aljadaan's term as Chair of the International Monetary and Financial Committee (IMFC), extending his tenure until January 2028. This follows the completion of his initial three-year term and his acceptance of the committee members' request for an extension.

According to Saudi Press Agency, the IMFC serves as the IMF's principal ministerial advisory body, offering strategic guidance on the fund's priorities and addressing key issues impacting the international monetary and financial system. It is composed of 25 members, including finance ministers and central bank governors, representing the IMF's 191 member countries.

The decision to extend Aljadaan's chairmanship was made unanimously by the committee members, with backing from IMF management. This decision acknowledges Saudi Arabia's effective leadership in building international consensus on economic and financial matters during challenging economic times. It also reflects appreciation for the Kingdom's commitment to promoting dialogue and enhancing multilateral cooperation.