GCC holds extraordinary meeting on the global financial crisis

October 25, 2008

The finance ministers and central bank governors of the Gulf Cooperation Council (GCC) held an extraordinary meeting in Riyadh today to discuss the global financial crisis.

 

They also met with Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, who highlighted the importance of ongoing cooperation among GCC countries.

In a statement, the ministers and central bank governors expressed confidence in GCC countries’ stable financial sectors and strong economies, which will enable them to deal with any possible impact of the global financial crisis.

GCC countries are expected to continue experiencing economic growth, spending on development projects will continue, and private sector involvement in economic development will increase, the statement said.

In addition, GCC banking systems have sufficient liquidity and capital, it noted.

In a statement after the meeting, Minister of Finance Dr. Ibrahim Al-Assaf stressed that cooperation is needed to mitigate the impact of the financial crisis on GCC economies, including the coordination of policies and procedures.