The International Monetary Fund (IMF), in partnership with the private sector for The Islamic Corporation for the Development of the Private Sector (ICD), organized a macroeconomic workshop for the private sector and non-governmental organizations (NGOs) on Thursday.

The workshop focused on various aspects of macroeconomic management and reviewed the latest regional economic outlook, which included evaluation of the role of the IMF in the region, and discussion on the economic challenges in the design and implementation of the structural reform policies needed by the region.

The workshop also aimed at providing the latest forecasts and developments in the Middle East with enhanced understanding of economic issues related to the region, and sought to analyze the macroeconomic foundations of monitoring the IMF activities with a discussion of the important role played by the Fund in the development of sound policies conducive to sustainable economic growth and development.

The one-day workshop consists of a number of panel sessions which focus on different aspects of macroeconomic management.

It includes: assessment of the IMF role in the region, discussion of economic challenges, and the design and implementation of much needed structural reform policies.

The event seeks to encourage an informed and open debate with IMF’s staff.

The IMF is a specialized agency of the Bretton Woods system affiliate of the UN.

It was established by virtue of an international treaty in 1945 to work on enhancing the safety of the global economy. The fund’s headquarters is in Washington, DC, and is managed by its members from 193 countries.

The IMF is the central institution in the International Monetary System — i.e., the system of international payments and currency exchange rates, which allows the smooth implementation of commercial transactions between different countries.

It oversees the system and provides a global institutional framework through which countries cooperate in international monetary affairs.

The Islamic Corporation for the Development of the Private Sector is multilateral financial institution launched by the board of governors of the Islamic Development Bank (IDB) in November 1999 as the IDB’s private sector window.