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  • Sheryll Mericido

IsDB President and IMF Managing Director committed to long-term collaboration

Riyadh, October 30, 2023, In a meeting held in Riyadh, Dr. Muhammad Sulaiman Al Jasser, the President of the Islamic Development Bank (IsDB) Group, engaged with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), to underscore the commitment to bolster long-term collaboration between IsDB and the IMF. Their discussions also revolved around expanding partnerships and joint endeavors in the realms of Islamic finance, climate initiatives, and the transition towards greener practices.

Al Jasser emphasized the IsDB's readiness to enhance its involvement with the IMF in the financial sector assessment program, drawing on the bank's prior experiences in executing similar programs in Djibouti and Pakistan.

Georgieva, in turn, expressed a keen interest in deepening the partnership with IsDB, extending beyond the realm of Islamic finance. A particular focus lay on climate action, with support from the Resilience and Sustainability Trust (RST), a substantial $50-billion trust fund established by the IMF in 2022. The RST's mission is to aid low-income and middle-income countries in building resilience against balance of payments shocks and ensuring sustainable recovery.

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