ID :
26666
Sun, 10/26/2008 - 19:04
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https://oananews.org//node/26666
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GCC Finance Ministers, Central Bank Chiefs issue statement
Riyadh, October 25, SPA -- At the end of their meeting held here
today, Finance Ministers and Governors of Monetary Agencies and
Central Banks in member states of the Gulf Cooperation Council issued
a statement explaining that they discussed the financial crisis
suffered by the international financial markets, the precautionary
measures taken by the GCC countries to confront any possible effects,
the importance of continued monitoring of the future developments and
readiness to confront them.
The statement said the participants in the meeting stressed their
confidence in the stability of the financial sector in their
countries due to its solvency and strength in addition to the good
domestic economic situation enabling the dealing with any possible
effects of the international financial crisis. The growth of the
economies of the GCC countries is expected to continue with good
rates. The spending appropriations for the development projects in
the GCC countries will continue. The pace of role of the private
sector in the economic development will accelerate, the statement
said.
The participants lauded the banking control regulations of the GCC
countries and their role in the protection and safety of the banking
system which enjoys a great amount of liquidity and efficiency of
capital. The participants stressed the importance of the continued
strengthening of the control capabilities of the financial sector to
deal with developments. They also stressed the importance of boosting
coordination among control agencies to monitor the international
financial crisis' developments, the statement added.
The participants commended the measures taken by the GCC countries to
deal with any possible effects of the international financial crisis
and readiness to take any additional measures.
The participants expressed satisfaction for statements by the
International Monetary and Financial Committee and the Group of 20 on
taking the appropriate measures to deal with the current financial
crisis.
--SPA
today, Finance Ministers and Governors of Monetary Agencies and
Central Banks in member states of the Gulf Cooperation Council issued
a statement explaining that they discussed the financial crisis
suffered by the international financial markets, the precautionary
measures taken by the GCC countries to confront any possible effects,
the importance of continued monitoring of the future developments and
readiness to confront them.
The statement said the participants in the meeting stressed their
confidence in the stability of the financial sector in their
countries due to its solvency and strength in addition to the good
domestic economic situation enabling the dealing with any possible
effects of the international financial crisis. The growth of the
economies of the GCC countries is expected to continue with good
rates. The spending appropriations for the development projects in
the GCC countries will continue. The pace of role of the private
sector in the economic development will accelerate, the statement
said.
The participants lauded the banking control regulations of the GCC
countries and their role in the protection and safety of the banking
system which enjoys a great amount of liquidity and efficiency of
capital. The participants stressed the importance of the continued
strengthening of the control capabilities of the financial sector to
deal with developments. They also stressed the importance of boosting
coordination among control agencies to monitor the international
financial crisis' developments, the statement added.
The participants commended the measures taken by the GCC countries to
deal with any possible effects of the international financial crisis
and readiness to take any additional measures.
The participants expressed satisfaction for statements by the
International Monetary and Financial Committee and the Group of 20 on
taking the appropriate measures to deal with the current financial
crisis.
--SPA
