The members of the Executive Board of the International Monetary Fund unanimously agreed to select the Executive Director of the Kingdom of Saudi Arabia at the Fund, Abdullah bin Fahd bin Zaraa, as Chairman of the Ad Hoc Audit Members Selection Committee and as a member of the Evaluation Committee of the Executive Board, until October 31, 2024.
The Ad Hoc Audit Members Selection Committee aims to recommend a suitable candidate as a new member of the External Audit Committee that oversees the IMF’s external audit, internal audit, financial accounting and reporting, risk management and internal control functions; Whereas, the members of the External Audit Committee continue their periodic appointments for a period of three years.
The Ad Hoc Audit Members Selection Committee includes in its current membership the executive directors of: Italy, Australia, Mexico and Finland.
The Evaluation Committee also aims to follow closely the evaluation function of the Fund and to advise the Executive Board on matters related to evaluations, including those related to the Independent Evaluation Office, which is the office responsible for conducting independent and objective evaluations of the Fund’s policies and activities according to the agenda of the topics being evaluated. This table is updated periodically.
The committee currently includes the CEOs of Canada, the United Kingdom, Germany, Italy, Mexico, Singapore and Zimbabwe, in addition to the CEO of the Kingdom.
This selection reflects the position enjoyed by the Kingdom globally, and the Board’s confidence in the ability of the Executive Director of the Kingdom to support the efforts made and effectively contribute to the conduct of internal auditing and risk management, which contributes to the completion of the work of these two committees as hoped.
It is noteworthy that the Executive Board of the International Monetary Fund includes 24 members representing the 190 member countries, supported by the Fund’s experts, and supervises the daily work of the Fund.
