2001 News Story

SAMA governor addressses meeting in Ottawa

Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari, in an address to a meeting in Ottawa, Canada, of the World Bank Group's Development Committee, has urged industrialized nations to assume their responsibility with regard to boosting the global economy, noting that the economic recession is having an adverse impact on developing countries. He called for the adoption of new financial and monetary policies, especially by European countries, including removal of trade barriers. Highlighting the positive role being played by the Organization of Petroleum Exporting Countries (OPEC), he called on industrialized countries to revise their policies and reduce taxes on petroleum products. Urging the World Bank to increase its efforts to ease the difficulties being faced by poor countries, notably those that depend on the export of basic commodities, he praised its efforts and those of the International Monetary Fund (IMF) in preparing for the development financing conference being organized by the United Nations early in 2002, which he hoped will allow developing countries to contribute to the international dialogue.