Riyadh-Region News Feed

Workshop on Virtual Assets and Virtual Asset Service Providers (VASPs) (Riyadh, Saudi Arabia)

Tue, 25 Feb 2025 00:00:00 -0500

The Regional Office in Riyadh (ROR) and the IMF’s Legal Department, in partnership with the GCC Secretariat, will conduct a workshop and outreach event for regulators and supervisors in the GCC region. This event will focus on virtual assets (VAs) and virtual asset service providers (VASPs) within the context of anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. The workshop will cover several key areas, including discussions on the legal frameworks that govern VAs and VASPs. It will explore various policy options available to regulators, such as the pros and cons of regulating VAs and VASPs through licensing or registration, the possibility of banning certain activities, and implementing an absolute ban on specific practices. Participants will engage in discussions about the diverse regulatory approaches among GCC countries, providing a foundation for exploring strategies to mitigate risks associated with virtual assets. Additionally, the workshop will emphasize best practices in supervising VAs and VASPs, highlighting the importance of risk-based supervisory methods and international cooperation.

Virtual Workshop on Direct Investment: Measurement and Compilation Issues

Sun, 23 Feb 2025 00:00:00 -0500

The Regional Office in Riyadh (ROR) and the IMF’s Statistics Department, in partnership with GCC-Stat, will be hosting a webinar. This event will underscore the importance of collection frameworks, methodology, coordination, and data dissemination. It will also include information on participating in the IMF’s Coordinated Direct Investment Survey. The target audience for this webinar includes staff from statistical offices, central banks, and other agencies involved in compiling Foreign Direct Investment (FDI) data.

AlUla Conference for Emerging Market Economies (AlUla, Saudi Arabia)

Sun, 16 Feb 2025 00:00:00 -0500

The AlUla Conference for Emerging Market Economies is an annual economic policy conference held in AlUla, Saudi Arabia, organized by the Ministry of Finance of Saudi Arabia and the IMF Regional Office in Riyadh. The conference will convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, including public and private sector leaders, representatives from international institutions, and members of academia. It will offer a unique platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by strong international cooperation.

Regional Senior Policy Workshop on Fiscal Policy Design for Resource-Rich Countries (Riyadh, Saudi Arabia)

Wed, 05 Feb 2025 00:00:00 -0500

The IMF Regional Office in Riyadh (ROR) organized a regional senior policy workshop on fiscal policy design for resource-rich countries on February 5-6, 2025, in Riyadh. The workshop featured a keynote lecture by Mr. Vítor Gaspar, Director of the IMF’s Fiscal Affairs Department (FAD), and His Excellency Abdulmuhsen Alkhalaf, Vice Minister of Finance of the Kingdom of Saudi Arabia. Senior policymakers from the Middle East and North Africa (MENA) also participated.

In his keynote lecture, Mr. Gaspar discussed how to effectively utilize natural resource wealth for sustainable and inclusive prosperity. Ms. Katherine Baer, Deputy Director of FAD, highlighted the constraints facing tax policymakers and emphasized the need to build buffers for countercyclical fiscal policy during economic downturns. Policymakers engaged in discussions about these insights and exchanged experiences on analytical issues that the IMF could investigate further to assist resource-rich countries in fiscal policy design and implementation.

The second part of the workshop focused on recent tax trends and structures in MENA and around the globe. This segment offered participants an opportunity to explore empirical tax patterns and examine strategies for diversifying revenue sources.

Senior Policy Workshop on Geoeconomic Fragmentation, Macroeconomic Uncertainty, and Financial Stability (Riyadh, Saudi Arabia)

Tue, 28 Jan 2025 00:00:00 -0500

The IMF Regional Office in Riyadh (ROR) and SRMG Think co-organized a Senior Policy Workshop on geoeconomic fragmentation, macroeconomic uncertainty, and financial stability in Riyadh. A keynote presentation by Ms. Mahvash Qureshi, Assistant Director at the IMF’s Monetary and Capital Markets Department, provided valuable insights into the implications of elevated geopolitical tensions and uncertainty on systemic risks and macro-financial stability.

The workshop brought together key stakeholders, including financial experts and policymakers. They discussed pressing challenges impacting both global and regional financial stability. Participants examined the implications of geoeconomic fragmentation and cross-border capital flows. They also explored the role of advanced analytical tools in strengthening financial surveillance. Additionally, the workshop highlighted opportunities for collaboration between regional institutions and global organizations to enhance risk management and policymaking.

Overall, the workshop underscored the importance of collective efforts in addressing financial uncertainties and driving sustainable economic growth in the MENA region and beyond.

Fiscal Monitor Presentation (Riyadh, Saudi Arabia)

Tue, 19 Nov 2024 00:00:00 -0500

The Regional Office in Riyadh organized two presentations by Mr. Davide Furceri, Division Chief of the IMF Fiscal Affairs Department, on the October 2024 Fiscal Monitor: Putting a Lid on Public Debt.

The first event served as an outreach to approximately 50 participants, including faculty members and students from Princess Noura University. The second event was a workshop attended by the leadership of the Ministry of Finance and other distinguished invitees, such as representatives from IsDB and GIMCO. This workshop was chaired by HE Abdulaziz Alfuraih, Chairman of the MoF Steering Committee.

Outreach Seminars: IMF Regional Economic Outlook for the Middle East and Central Asia (October 2024) – Navigating the Evolving Geoeconomic Landscape (Riyadh and Jeddah, Saudi Arabia)

Mon, 11 Nov 2024 00:00:00 -0500

The IMF’s October 2024 Regional Economic Outlook for the Middle East and Central Asia was presented by staff of the Middle East and Central Asia Department at Princess Nourah Bint Abdulrahman University, the Saudi Research and Media Group (SRMG), and the Ministry of Finance in Riyadh on November 11, and at the Islamic Development Bank in Jeddah on November 12. The IMF team also visited King Abdulaziz University in Jeddah.

High-Level Roundtable: “Enhancing Resilience and Stability in the Financial System in the Digital Era” (Cairo, The Arab Republic of Egypt)

Mon, 30 Sep 2024 00:00:00 -0400

The roundtable, convened by the Central Bank of Egypt, the Arab Monetary Fund, and the International Monetary Fund, provided an opportunity for central bank governors, senior officials, and experts to discuss the ongoing transformation of the region’s financial system. This transformation occurs against the backdrop of innovations such as digital currencies and artificial intelligence (AI). Participants explored the implications for monetary and financial sector policies aimed at safeguarding stability.

The roundtable preceded the 48th Annual Meeting of the Council of Arab Central Banks and Monetary Authorities Governors, which took place on October 1, 2024.

High-Level Policy Roundtable: “Enhancing Resilience to Shocks and Lifting Growth: The Role of Macro-Financial Policies” (Cairo, The Arab Republic of Egypt)

Thu, 23 May 2024 00:00:00 -0400

The roundtable, organized by the Arab Monetary Fund in cooperation with the Arab Fund for Economic and Social Development, the International Monetary Fund, and the World Bank Group, focused on the role of macro-financial policies. The discussion aimed to enhance resilience to economic shocks and promote growth.

This roundtable followed the 15th Annual Meeting of the Arab Finance Ministers, which took place on May 22, 2024.

Industrial Policy for Diversification (Riyadh, Saudi Arabia)

Wed, 24 Apr 2024 00:00:00 -0400

The inaugural conference of the IMF Regional Office in Riyadh was jointly organized by the Ministry of Finance of the Kingdom of Saudi Arabia and the IMF. This event provided an opportunity to discuss the revival of industrial policy (IP), with a particular focus on the Gulf region.

The conference reviewed the key principles of IP and drew lessons from its successes and setbacks, both internationally and regionally. It highlighted the role of IP and government institutions, including sovereign wealth funds and development banks, in diversifying the economy. Additionally, the discussions emphasized the importance of incentivizing investment in new sectors, startups, and venture capital to increase non-oil revenues and exports.

The conference brought together policymakers, leaders from the business and financial sectors, experts, and academics.