Saudi Finance Minister Ibrahim Al-assaf addressed the annual meeting of the Governors of the International Monetary Fund (IMF) and the World bank, currently in progress here. "Despite the revival witnessed by the world economy during the last year, the turmoil that hit recently the financial markets and its consequences on the U.S real estate market presents new challenges and require more efforts from major countries to rectify the imbalances and to preserve the stability," Al-assaf said in his address presented at the meeting, on behalf of the governors of the Arab Group. "Most of the developing countries have witnessed a record flow of capitals that extend opportunities for long-term development but that is accompanied at the same time with big economic challenges in a short-term perspective," Al-assaf noted. In this context, he said the Arab group has seen high growth during the last year which amounted to more than 6 per cent with expectation that will continue in this year too. Al-assaf pointed out that the correct financial policies and the structural reforms being adopted as well as keenness of Arab Governments to enhance economic integration among themselves including joining the greater Arab Trade Region being implemented since 2005 and on-going search to establish an Arab custom federation and to free trade services among themselves and the completion of GCC member states the requirements of the Common market this year, have all contributed to the continuation of this growth. Al-assaf highlighted the role being played by International Monetary Fund in preserving the stability of World Finance and Monetary stability and praised the Global procedures which had been undertaken at the monetary level policy that have tangible impact in alleviating the burden of that crisis. --MORE
