The Director General of the International Monetary Fund (IMF), Rodrigo de Rato has expressed his happiness for visiting the Kingdom of Saudi Arabia and meeting the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz.
In a statement issued on the occasion, he said that he had reviewed with the King the latest developments in the region and the current economic policies in the Kingdom.
The Director General said he had exchanged views with the King on the constructive and important role being played by the Kingdom to ensure stability in the oil market.
The Kingdom is currently carrying out an investment program worth $50 billion to expand its oil productive capacity to 12.5 million barrels per day by 2009.
Rodrigo de Rato said he had conveyed to King Abdullah bin Abdulaziz the appreciation of the Executive Council of the IMF's Directors for the Kingdom's assistance to the developing countries, as well as its role in extending economic assistance to Iraq, the West Bank, Gaza and other countries in the region, notably the developing ones.
He also lauded the Kingdom's contribution to the reconstruction work in Pakistan, which was recently hit by an earthquake.
He also praised the Kingdom's role in attaining regional economic integration, and said the Kingdom will also play the same positive role in attaining single currency for the GCC states by 2010.
The Director General expressed confidence that the Kingdom will go ahead with carrying out the required reforms so as to confront the domestic challenges including creation of job opportunities for the increasing workforce.
He noted that the Kingdom's investment program will contribute to expanding the activities of the private sector and to the process of economic diversification.
