Marrakesh, Jassem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), participated in the meeting held between Ministers and Governors of the Middle East and North Africa (MENA), and the Director General of the International Monetary Fund (IMF) on October 15 in Morocco, on the sidelines of the meetings of the IMF and the World Bank.
The secretary general said that the Cooperation Council countries have embodied a realistic example of financial prudence, supported by their continuous trend towards increasing non-oil revenues, their reforms to tax policy, and the modernisation and digitisation of their global finances, which strengthened their financial position.
He added that the GCC countries have embarked on a transformative journey, which was evident in the development of their national economic plans, based on their firm commitment to progress, and paving the way for their accelerated social and economic transformation.
Albudaiwi also noted that the policies of GCC economies also succeeded in remaining steadfast and dealing skillfully with the economic challenges, as well as recovering from the Coronavirus pandemic, despite global inflation pressures, and a slow and uneven global recovery.
He emphasised the growth of non-oil GDP in the GCC countries and their commitment to economic diversification. He recalled the statement made earlier this week by the Director of the IMF’s Middle East and Central Asia Department, highlighting that the average non-oil growth in GCC countries over the past two years surpasses the global economy’s and advanced economies’ average growth.
The secretary general stressed that inflation in the GCC countries remains well-controlled, unemployment is declining, and the financial sector remains resilient.
He pointed out that the successful hosting of the FIFA World Cup in Qatar in 2022 stimulated tourism and infrastructure in our region and showcased it to the world. He further added that the UAE will host the 2023 United Nations Climate Change Conference (COP28) this year, which is the first of its kind in the Gulf region.
Albudaiwi termed organising this event as another opportunity to demonstrate our countries’ commitments and contributions to facing shared global challenges.
He underlined the GCC countries’ commitment to enhancing multilateral cooperation, as exhibited by their response to the IMF’s invitation to support the Rapid Growth Team and the Poverty Reduction and Regional Support Team, highlighting the major contributions from Saudi Arabia, Qatar, the United Arab Emirates and Oman.
The secretary general expressed the General Secretariat’s aspiration to work closely with the IMF’s recently established Regional Office in Riyadh and benefit from its presence in the GCC countries, in addition to the IMF’s Central Financing Centre in Kuwait, to help enhance the GCC countries’ engagement with the IMF.
Source: Bahrain News Agency
