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