Minister of Finance of the Kingdom of Saudi Arabia
Dr. Ibrahim Al-Assaf was appointed Minister of Finance in January 1996. In his capacity as Minister of Finance, he also serves as Chairman of the Board of Directors of a number of institutions, including the Public Investment Fund, Pension Fund, Saudi Fund for Development, Real Estate Development Fund, Saudi Industrial Development Fund, Saudi Arabian Agricultural Bank, and the Saudi Credit Bank. Dr. Al-Assaf also serves as the Vice Chairman of the Supreme Economic Council=s Permanent Committee and the Higher Committee for Administrative Reform.
Prior to his appointment, Dr. Al-Assaf was Vice Governor of the Saudi Arabian Monetary Agency from July 1995 until October 1995, and was appointed a Minister of State and Member of the Council of Ministers in October 1995. Between August 1993 and September 1995, he served as Dean of the Board of Executive Directors and Chairman of the Board Steering Committee comprising the Chairs of Board Committees of the World Bank. In this capacity, he coordinated and chaired the board meetings during the process of selection and election of the President of the World Bank. Dr. Al-Assaf was also Saudi Arabia=s Executive Director at the World Bank between 1989 and 1995. From 1986 to 1989, he worked as Alternate Executive Director for Saudi Arabia at the International Monetary Fund. Between 1982 and 1986, he served as Assistant Professor and Head of the Department of Administrative Sciences at King Abdul Aziz Military Academy. During the same period, he was an Economic Advisor at the Saudi Fund for Development.
Dr. Al-Assaf is a Member of the Supreme Economic Council, Supreme Council for Petroleum and Mineral Affairs, Board of Directors of Saudi Aramco, Supreme Council for Tourism, Higher Council for Islamic Affairs, Council of Higher Education, Civil Service Council, Manpower Council, and the Military Service Council. Dr. Al-Assaf has had a major regional and global presence. He has been serving as Governor for Saudi Arabia of the Islamic Development Bank, World Bank Group, and the International Monetary Fund. He has also been the Governor of Arab funds and financial institutions, including the Arab Monetary Fund, Arab Fund for Economic and Social Development, Arab Bank for Economic and Social Development in Africa, Arab Cooperation for Investment Guarantee, and the Arab Authority for Agricultural Investment and Development.
Dr. Al-Assaf earned a B.A. in Economics and Political Science in 1971 from King Saud University in Riyadh, Saudi Arabia. He received a M.A. in Economics from the University of Denver in 1976, and a Ph.D. in Economics from Colorado State University in 1982. In 2003, Dr. Al-Assaf was named Finance Minister of the Year by the London-based magazine Euromoney.