2003 News Story

SAMA Governor gives assurances of stable oil supply

Addressing a meeting in Washington DC yesterday at the International Monetary Fund (IMF), Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari reiterated the concern of the petroleum producing countries to ensure a stable oil supply and stressed the importance of international efforts to promote growth in the global economy. He commented that continuation of the tense situation in Palestine, in addition to the Iraq war, would have an adverse impact on the economies of the Arab region, although most of them are capable of preserving a good growth rate due to their sound economic policies. He urged the IMF to alleviate the repercussions of the war by providing these economies with necessary financial and technical assistance, and reiterated that growth of the global economy requires progress in bringing about peace in the Middle East as well as implementation of sound economic policies. Warning against developed countries' trends toward commercial protectionism, he urged the industrial countries to open their markets to the developing countries.