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Sunday, June 16, 2024

Gulf Calls for Bigger Role in IMF after Euro Rescue

Prince Turki Calls for Bigger Role in IMF after Euro Rescue(Riyadh) – Saudi Arabia’s Prince Turki Al-Faisal speaking at Global Competitiveness Forum in Riyadh urged the IMF to give Gulf States a bigger say in the global economic order in return for billions of dollars in financial aid to the distressed economies of Europe.

The call comes as the IMF bids to increase its lending capacity by more than €500 billion (Dh2.3 trillion) to tackle the sovereign debt crisis in Europe.

The statement by Prince Turki reflect a growing desire by regional economies to have a greater say on the economic world stage as they are increasingly called upon to provide capital as well as hydrocarbons needed to fuel western economies.

It also reflects the need for countries such as Saudi Arabia and its Gulf neighbors to balance requests for funds from international and regional donor organizations with mounting domestic budgetary pressures.

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