Saudi Arabia's economic strength and its role in the world economy have granted it important status in the International Monetary Fund (IMF) and in other international institutions and forums, such as the World Bank, G20 and World Financial Stability Council, Saudi Arabia's Finance Minister Ibrahim Al-Assaf told the Saudi Gazette in an exclusive interview. He said that the Fund, whose main task is to foster “economic cooperation that contributes to global economic growth, stability of exchange rates and financing for countries suffering from problems in their balance of payments,” has recognized Saudi Arabia's vital role by giving the country a special seat on the Council of Executive Directors and the Monetary and Financial Ministerial Committee of the IMF, in which the Kingdom wields “influence in decisions adopted by the Fund to serve its interests and bolster its international position”. The shares of member countries are allocated according to a number of factors including the size of the economy and the degree of commercial openness. Al-Assaf said Saudi Arabia's stake in the IMF has reached 2.8 percent at present at a value estimated at 6,985 million special rights units (6.985 billion units) with each special drawing right unit worth SR5.89. He further said that its role in the Fund is beneficial to the Kingdom as its contributions get good returns, thereby boosting the country's foreign reserves. In the light of the current financial crisis affecting the US and European economies, Al-Assaf said that the “IMF loans do not pose any risks to the contributing members due to the excellent nature of the debts and the Fund's history of complying with its financial commitments”. Saudi Arabia joined the IMF as a member in 1957. __
