Hamad bin Saud Al-Sayyari, Governor of the Saudi Arabian Monetary Agency (SAMA), reiterated the keenness of petroleum producing countries to guarantee oil supplies, and said that the Kingdom has been working to enhance cooperation between oil producing and consuming countries to ensure stable oil markets.
In an address at a meeting of the Monetary and Financial Committee of the International Monetary Fund (IMF) here on Saturday, Al-Sayyari, who is leading the Kingdom’s delegation to the meeting, highlighted the challenges that face the global economy, and spoke on policies pertaining to the activities of the IMF. He stressed the importance of intensifying international efforts to ensure the growth of the international economy.
The Monetary and Financial Committee of the International Monetary Fund (IMF) held the meeting to review the challenges that face the global economy, and policies related to IMF activities.
Al-Sayyari noted that the war on Iraq and the continuation of tensions in Palestine would adversely affect the economies of the Arab region. “However, most of Arab countries are capable of maintaining a good economic growth rate due to their sound economic policies.”
Al-Sayyari urged the IMF to play an effective role to alleviate the detrimental repercussions of war on the countries of the region by providing them with the requisite financial and technical assistance. He noted that the growth of the international economy requires progress in the Middle East peace process, the implementation of sound economic policies, and economic reform.
Underscoring the importance of the facilitation of trade exchange, Al-Sayyari warned against trends towards commercial protection by developed countries. He urged industrial countries to open their markets to the exports of developing countries, and to remove all forms of trade barriers. He also underscored the significant role that could be played by the IMF to supervise the international monetary system, and alleviate the immense burdens on indebted countries.
Source: SPA
