JEDDAH, 23 October 2004 — International Monetary Fund (IMF) Managing Director Rodrigo de Rato arrived here last night on the first leg of a three-nation trip to the Middle East for the first time after his appointment in June this year.
Rato, who will be in the Kingdom till tomorrow, is scheduled to meet finance ministers and central bankers from the six-nation Gulf Cooperation Council here today.
Afterward the IMF chief will go to Lebanon until Oct. 25, and Egypt until Oct. 26.
He will be discussing various topics including the crisis in Iraq, rising oil prices and growth prospects for the region.
Earlier in Geneva yesterday, Rato called on oil-producing nations to boost investment in production facilities in response to rising oil prices, which he said would have a clear impact on growth.
“Oil-producing countries have to respond to this new crisis, with an increase in investment, oil production,” Rato said.
