Saudi Finance Minister Ibrahim Al-Assaf (right) addresses a joint press conference with IMF Managing Director Christine Lagarde after a Gulf Cooperation Council (GCC) states meeting in Riyadh, Saturday. – SPA RIYADH – The head of the International Monetary Fund said Saturday that the economies of Gulf Cooperation Council (GCC) member states will continue to enjoy high growth rates, although at reduced rates. Christine Lagarde, the Managing Director of the IMF, also praised the GCC countries' management of oil prices and reserves, and lauded their financial contribution to the transition of Arab countries following the uprisings that have rattled local economies. “It gives me an opportunity to thank the GCC countries for their ... stabilizing role in the global economy because of the good monitoring and good management of oil prices ...” Lagarde said after a meeting of the six-nation GCC. “I would like to stress the important, positive role the GCC countries play in the broader Middle East and North Africa region, and the world at large,” she said. “The generous financial aid the GCC has provided to some of the Arab countries undergoing transition is helping those countries through a very difficult period,” she said. “And, at the global level, GCC countries' oil policy has helped stabilize oil markets and counter price pressures that could have inflicted serious damage on the world economy.” The Gulf states have managed to maintain high production levels, making up for lower supplies from Iran because of sanctions, and outages in the North Sea. Top oil-exporter Saudi Arabia's supply remained steady at 9.8 million barrels per day (bpd) in July and August, off multi-decade highs of over 10 million bpd earlier in the year. Earlier this year, GCC members pledged billions of dollars in additional financial resources to the IMF, and they have promised billions more in aid to poorer Arab states since last year's uprisings in the region. Lagarde said that while other Arab economies are challenged, the GCC countries are enjoying growth that reached its highest level in eight years in 2011 at 7.5 percent. “Nevertheless, given the uncertain global outlook, continued emphasis on strengthening resilience, including in fiscal and financial sectors, will be important alongside greater focus on the foundations for longer-term growth,” she said. Saudi Finance Minister Ibrahim Al-Assaf praised the role of the IMF in dealing with regional economic woes in the wake of the Arab uprisings. Saudi Arabia is one of the largest donors to countries of the region and a major contributor to the IMF. The Kingdom pledged an additional $15 billion earlier this year to the IMF following the fund's call for new resources. – Agencies
