Chairman of the International Monetary and Financial Committee, Mohammed Aljadaan, has accepted members’ request to extend his three-year term in office which elapses on January 3, 2027, by one year.

The IMFC, in a statement in Washington DC, United States, on Tuesday, said the decision to extend the term for Mr Aljadaan, who is Saudi Arabia’s minister for Finance, was in acknowledgment of his leadership.

The IMFC said, “The members of the International Monetary and Financial Committee (IMFC) have asked Mr. Mohammed Aljadaan, Saudi Arabia’s Minister for Finance, to extend his term as Chair of the Committee by one year, following the conclusion of his current term on January 3, 2027. 

“Minister Aljadaan, who was selected as Chair for a term of three years (see Press Release No. 23/443), has accepted the extension.

“The members of the IMFC value Minister Aljadaan’s strong leadership and believe that extending his term will help ensure continuity and maintain momentum on the Committee’s key priorities, including its work on significant ongoing reforms.”

The IMFC, comprising finance ministers and central bank governors, is the IMF’s policy advisory committee that deliberates on the principal policy issues facing the IMF and the international monetary and financial system. 

The committee has 25 members, reflecting the composition of the IMF Executive Board, with each member country or group of countries that elects an executive director, appoints a member of the committee. 

The IMFC meets twice yearly in the spring and at the time of the IMF-World Bank Annual Meetings in the fall.