Washington, United States, 15 October 2022 – The Islamic Development Bank (IsDB) and International Monetary Fund have pledged to enhance cooperation to collectively respond more effectively to the needs of their common membership in a Memorandum of Understanding (MOU) signed in Washington, on 13 October, by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, and Ms. Kristalina Georgieva, Managing Director of International Monetary Fund (IMF).

The Memorandum of Understanding (MoU) will, among others, scale up partnerships and joint work in the areas of fragility, climate & green transition, Islamic finance, fintech & digital money, and debt sustainability between the two institutions.

Both the IMF and the IsDB aim to promote capacity building on a variety of fronts in their shared member nations, including preserving macroeconomic and financial stability, supporting economic development, and promoting broad-based and inclusive economic growth and job creation.

‘’Our longstanding partnership with the IMF has always been fruitful, so we welcome today's efforts to deepen and broaden it to better meet the needs and aspirations of our shared member countries, especially in these challenging circumstances,’’ Dr. Al Jasser stated.

Together with its development partners, the IsDB is committed to improving the lives of its member countries' citizens by tackling poverty and expanding opportunities in education, healthcare, and science and technology; in addition to fostering greater economic and financial integration through Islamic banking and finance.