The head of the International Monetary Fund (IMF) said the Gulf Cooperation Council (GCC), notably Saudi Arabia, will continue to play its effective role in maintaining stability of the global economy during financial crises.
IMF Managing Director Christine Lagarde, who was speaking to representatives from the Arab press in Washington and quoted by the Saudi Press Agency, said most of the oil producing countries in the region, headed by Saudi Arabia, are exerting efforts to maintain stability of world markets and curb oil price fluctuations. “It is not a secret that Saudi Arabia, in particular, has played a role in the IMF at critical times and was a major contributor at such critical times, particularly during the oil crisis,” she said.
The IMF chief expressed confidence that during her fund-raising campaign for the IMF, planned in winter, Saudi Arabia would be there and would remain a key contributor to raise the fund’s resources.
She said Saudi Finance Minister Ibrahim Al-Assaf had promised her that Saudi Arabia would contribute $ 15 billion to the IMF, which, she said, was not a surprise for them because it had become a tradition for Saudi Arabia to be a partner and be present in difficult times. When asked if there was a plan to increase the number of Saudi employees in the IMF, she said they have Saudi managers for the first time and are looking for economists from Arab countries, specifically from Saudi Arabia.
During a visit she made to Riyadh earlier this year, Lagarde praised Saudi Arabia’s role in supporting the global economy as well as its active participation in international financial institutions and her discussions in the context of the G20.
She said the IMF was seeking to more than double its funds by raising $ 600 billion in new resources to help countries deal with the fallout of Europe’s sovereign debt crisis. Oil exporters in the Gulf as well as big emerging economies such as China may be asked to contribute much of the increase, she said.
Lagarde: IMF looking for Saudi economists
