The International Monetary and Financial Committee (IMFC) has selected Mohammed Al-Jadaan as its new chair. Al-Jadaan will assume this role for a three-year term, commencing in January.
Al-Jadaan has held the position of Saudi Arabia’s Minister of Finance since November 2016. Prior to this, he served as the chair of the Capital Market Authority for nearly two years and was a managing partner at Al-Jadaan & Partners law firm for 19 years, according to his LinkedIn profile.
The IMFC includes finance professionals such as finance ministers and governors of central banks. It functions as a policy board for the International Monetary Fund's (IMF) Board of Governors and comprises 24 members.
According to the World Economic Forum’s profile on Mohammed Al-Jadaan, he holds a bachelor’s degree in Islamic Sharia from Imam Mohammed Ibn Saud Islamic University and a degree in legal studies from Riyadh’s Institute of Public Administration. As a founding partner of the Al-Jadaan and Partners law firm, Al-Jadaan led lawyers in transactions and partnerships across various sectors including energy, petrochemicals, water desalination, privatization, public-private partnerships, project financing, and initial proposals in the stock market - among other activities.
Recently, Al-Jadaan has been in the spotlight as Saudi Arabia’s Finance Minister after announcing the upcoming year’s budget for the country. In his speech, he said that "the non-oil economy is expected to grow around six percent annually through 2030" while addressing budget gaps for the country’s Vision 2030 projects. He told Al Arabiya Business that "the majority of the country’s debt has a fixed rate," which could shield the country against global market rate fluctuations.