Secretary General of the Gulf Cooperation Council (GCC) Jassem Mohamed Albudaiwi participated today in the meeting ministers and governors from the Middle East and North Africa (MENA) region held with Director General of the International Monetary Fund Kristalina Georgieva in Marrakesh, the Kingdom of Morocco, on the sidelines of the meetings of the IMF and the World Bank, a press release from the GCC Secretariat said.
According to the release, Albudaiwi said that the council’s countries are an example of financial prudence through their constant efforts to increase non-oil revenues, their reform of the tax policy, and the modernization and digitization of their global finances, which strengthened their financial position and maintained strong financial and external margins.
He added that “the GCC countries have embarked on a transformative journey, 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 remained steadfast and dealt skillfully with the economic challenges, recovered from the (COVID-19) pandemic, despite global inflation pressures, and a slow and uneven global recovery.
He highlighted the growth of non-oil contribution to the GDP in GCC countries, and their commitment to economic diversification, and reminded of the statement made by IMF’s Middle East and Central Asia Department director, which said that the average non-oil growth in GCC countries over the past two years surpassed the global economy’s and advanced economies’ average growth.
He also stressed that inflation in GCC countries remains well controlled, unemployment is declining, and the financial sector remains resilient.
According to the release, Albudaiwi pointed out that the hosting of the FIFA World Cup in Qatar in 2022 stimulated tourism and infrastructure in the region, and showcased it to the world.
He added that UAE will host the 2023 United Nations Climate Change Conference (COP28) this year, which is another opportunity to demonstrate the countries’ commitments and contributions to facing shared global challenges.
Moreover, he underlined the GCC countries’ commitment to boosting multilateral cooperation, as shown by their response to the IMF invitation to support the Rapid Growth Team and the Poverty Reduction and Regional Support Team, and highlighted the major contributions of Saudi Arabia, Qatar, UAE and Oman.
Albudaiwi expressed the GCC general secretariat’s desire to work closely with the IMF Regional Office recently established in Riyadh and benefit from its presence in the GCC countries, besides the IMF’s Central Financing Centre in Kuwait, which will help increase GCC countries’ engagement with the IMF, the release said.
Source: Saudi Press Agency