- JEDDAH: Saudi Arabia will seek a greater role in the International Monetary Fund (IMF), Finance Minister Ibrahim Al-Assaf said on Saturday after meeting with France’s Christine Lagarde on her campaign to head the Washington-based lender.
French Finance Minister Lagarde is the frontrunner for the job left vacant by the resignation of compatriot Dominique Strauss-Kahn, but she is working hard to persuade emerging powers angry that another European is being appointed.
“Saudi Arabia plays an important role in the world economy and so we will call for strengthening the kingdom’s role and share in the IMF,” Al-Assaf told reporters in Jeddah.
He also called for an increase in the number of Saudis working in leadership roles in the IMF.
The Kingdom has a 2.81 percent share in the fund, according to the IMF website. This compares with the US which has the largest share of 16.78 percent.
Lagarde is backed by the European Union and a handful of smaller countries from Georgia to Mauritius and is hoping for support from China and the US that would all but guarantee her the job.
Riyadh has pledged $4 billion in aid to Egypt and was also instrumental in a $20 billion handout to Bahrain and Oman for job-creating projects.