“We are happy over the latest reforms carried out by IMF in its lending mechanism such as the Precautionary Credit Line (PCL),” Finance Minister Ibrahim Al-Assaf told an IMF meeting here on Saturday.

He said the financial policies adopted by the government enabled the Kingdom to overcome the global financial crisis. “Our budgets have been focusing on achieving balanced economic development.”

The minister also spoke on the Kingdom’s monetary and banking policies, saying they are aimed at achieving financial stability and gaining necessary liquidity to meet local requirements.

Al-Assaf highlighted the strength of Saudi economy, adding that its new five-year plan (2010-2014) targeted sustained growth through investment in infrastructure and human resources.

Al-Assaf also told a meeting of IMF’s development committee to support poor countries to achieve development goals. “These meetings give us an opportunity to review the role of the international community in this respect,” he added.

He expressed his happiness over the global financial recovery thanks to the measures taken by many countries. “G20 countries are now setting out principles for a new world economic order.”

The IMF’s 187 member countries gave voice to long-running frustrations of emerging economies, which say the fund has traditionally not been tough enough on its biggest shareholders, led by the United States.

Now, with the United States and Europe in the doldrums, and emerging economies providing the major growth engine for the world, the tables appear to be turning.

“Stronger and even-handed surveillance to uncover vulnerabilities in large advanced economies is a priority,” the IMF's steering committee said in a communiqué.

The statement reflected the arguments of developing countries that weak finances and sluggish growth in the United States are a fundamental cause of imbalances in the global economy, with US policies fueling the dollar weakness that is causing strains for many emerging market currencies.

This view was driven home by Chinese Central Bank Gov. Zhou Xiaochuan on Saturday and won broader support.

“The IMF is no longer the institution designed to look after the developing countries solely,” said Thailand's finance minister, Korn Chatikavanij. “Its role needs to be more broad-based, and it needs to realize that mistakes in the larger economies have global impact.”

The United States, in contrast, has pointed its finger at China, saying its huge current account surplus and undervalued yuan currency are partly to blame for the imbalances that have caused the dollar to fall and raised concerns about a “currency war.”