Saudi Arabia seeks more clout in IMF

Saudi Arabia's active support of the International Monetary Fund (IMF) should entitle it to have a stronger voice in that organization, said Saudi Minister of Finance Ibrahim al-Assaf, at a press conference he held here on Saturday with IMF chief Christine LaGarde. Recapping the talks he and other GCC officials had with LaGarde earlier tody, al-Assaf noted that among many topics of discussion were IMF's role in assisting some Arab economies and conversely the role of Arab states in the IMF. Also GCC states' quota in IMF's capital and IMF's dialogue with each GCC state separately were discussed, said the Saudi minister. LaGarde, on her part, hoped that her talks with GCC financial officials would result in boosting IMF's efforts at creating stable financial and economic markets worldwide, including in some Arab countries that are beset with doddering economies. She extoled the buoyant GCC economies, noting their appreciable growth in 2011 and expected even better growth rates in the period ahead. With regard to IMF assistance to Arab countries, she noted that up to eight billion dollars the organization has given to a number of Arab states, among them Jordan, Yemen, Morocco, and perhaps Egypt with whom the IMF is currently negotiating an offer of assistance.