Published — Wednesday 7 November 2012
Last update 7 November 2012 7:18 am
MEXICO CITY: Finance Minister Dr. Ibrahim Al-Assaf yesterday emphasized Saudi Arabia’s efforts to stabilize the international oil market and support global economic stability.
Addressing a meeting of G20 finance ministers here, he stressed the importance of Saudi Arabia retaining its voting power at the International Monetary Fund.
“We should also review the equation of quotas at the IMF’s international monetary and finance committee and executive board to allow all members to participate in its discussions,” Al-Assaf told the conference.
G20 finance ministers and central bank governors gathered in Mexico City on Sunday and Monday to discuss a wide range of issues, with the sluggish economy in the US and the ongoing European debt crisis on top of their agenda.
“Current reform momentum in the European Union on structural, fiscal and financial fields needs to be continued with the view to improving competitiveness and promoting financial stability,” said the body in a final communiqué.
The statement said that the G20 members were happy with the results seen in Europe, which has been implementing a series of economic reforms to stabilize and better supervise its banking system in the face of debt crises in Portugal, Ireland, Italy, Greece and Spain.
The statement also called on nations to expedite their payments to IMF-planned global stability fund worth $461 billion.
The IMF is seeking to help nations that follow its rules and recommendations better defend themselves against speculative attacks and continue with sensible policies.