IMF plans to open a regional office in Saudi Arabia

The International Monetary Fund, IMF plans to open a regional office in Saudi Arabia as it prepares to sign a memorandum of understanding on Oct. 3 in Riyadh.

The MoU, to be signed between the Saudi Arabian ministry of finance and the IMF, will be followed by a joint press conference that will be held at Ritz Carlton in Riyadh, a ministry release said.

Opening a new regional office in Saudi Arabia holds significance as the IMF expects the Kingdom to become one of the world’s fastest-growing economies, recording a growth of 7.6 percent in the gross domestic product this year.

It should also be noted that credit rating agency S&P has affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues, rising oil production, and the government’s robust reform program.