IMF plans regional office in Ƶ

The MoU, to be signed between the Ƶn ministry of finance and the IMF, will be followed by a joint press conference. (Shutterstock)
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RIYADH: The International Monetary Fund is considering opening a regional office in Ƶ as both parties prepare to sign a memorandum of understanding in this regard on Oct. 3 in Riyadh. 

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

The opening of a new regional office in Ƶ 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 be also noted that credit rating agency S&P has affirmed Ƶ’s rating at “A-/A-2” with a positive outlook citing higher oil revenues, rising oil production, and the government’s robust reform program.