Minister of Finance: Saudi Arabia discusses raising its stake in the IMF

October 6, 2012

Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf held a joint press conference with Gulf Cooperation Council (GCC) Secretary General Dr. Abdullatif Al-Zayani and International Monetary Fund (IMF) Managing Director Christine Lagarde in Riyadh today following the 94th Session of the GCC Financial and Economic Cooperation Committee. During his remarks, Al-Assaf reported that the Kingdom, which has already provided $15 billion to boost the world economy, is still negotiating to raise its stake in the IMF. He emphasized that the financial and economic policies pursued by the Kingdom have proven successful despite the global financial crisis, noting that Saudi Arabia had prepared for such a situation by maintaining adequate monetary reserves. Even in the face of falling oil prices, he pointed out, the Kingdom was still able to go forward with an ambitious domestic investment program.

Al-Assaf said that a number of important issues were discussed during the meeting, including the state of the global economy, expectations for economic growth, the situations in Europe and the United States, and cooperation between the GCC and the IMF. In addition, he said, economic cooperation between GCC member states was reviewed, especially regarding the creation of a common market and a customs union.