RIYADH, 14 October 2005 — International Monetary Fund Managing Director Rodrigo de Rato will attend a meeting of the finance ministers and central bank governors from the six-nation Gulf Cooperation Council in Jeddah on Oct. 18. Rato will stay in the Kingdom for two days during his weeklong trip to Asia and Europe, which will also take him to quake-torn Pakistan.
“During his visit to the Kingdom, Rato will be discussing various topics including the crisis in Iraq, rising oil prices and growth prospects for the region,” said a press statement released by the IMF here yesterday. In Islamabad, Rato will meet with the Pakistani officials and discuss in detail the impact of the weekend’s devastating earthquake. He will also discuss ways and means as how IMF can assist Pakistan in this hour of need.
Rato has also called on oil-producing nations to take measures and boost investment in production facilities in response to rising oil prices, which he said would have a clear impact on growth. He, however, has expressed satisfaction on the role played by the Kingdom in ensuring oil market stability.
“Also, Saudi Arabia’s role in providing financial support to Iraq and other countries in the region, in particular, is commendable and needs to be maintained.” said the statement. On Oct. 19, Rato will leave for Brussels, where he will participate in a meeting of the Capital Markets Consultative Group. The CMCG was established by the IMF to provide a forum for dialogue between participants in international capital markets and the IMF.