IMF sees GCC rebound, pledges full support

dubai — ForECAstInG A rEBounDInG 3.4 pEr CEnt GrowtH For tHE GCC In 2017 From A DIsmAl low oF 1.7 pEr CEnt In 2016, tHE IntErnAtIonAl MonEtAry FunD plEDGED tHAt It “stAnDs rEADy” to support tHE rEGIonAl EConomIEs In tHEIr CHAllEnGE.

IMF MAnAGInG DIrECtor CHrIstInE LAGArDE ApplAuDED tHE onGoInG rEGIonAl rEForm DrIvE As ImprEssIvE, But CAllED For FurtHEr ADJustmEnts.

SHE urGED tHE sIx rEGIonAl EConomIEs to ContInuE rEInInG In spEnDInG But to pHAsE In DEfiCIt rEDuCtIon mEAsurEs GrADuAlly, to lEssEn EConomIC sHoCks.

“WHErE possIBlE, CountrIEs sHoulD pHAsE In DEfiCItrEDuCtIon mEAsurEs GrADuAlly, wHIlE strEnGtHEnInG tHEIr mEDIumtErm fisCAl FrAmEworks AnD fisCAl trAnspArEnCy to support tHE ADJustmEnt. PolICIEs to support GrowtH AnD EmploymEnt wIll Also nEED to ContInuE,” LAGArDE, wHo wAs In RIyADH to mEEt offiCIAls From tHE GCC, sAID In A stAtEmEnt.

SHE sAID FurtHEr rEvEnuE-rAIsInG mEAsurEs wErE rEquIrED to mAnAGE tHE sustAInED pErIoD oF low oIl prICEs.

“THE rEForms tHAt tHE GCC CountrIEs HAvE BEEn ImplEmEntInG ovEr tHE pAst yEAr In rEsponsE to tHE DEClInE In oIl prICEs ArE ImprEssIvE. ContInuED fisCAl ADJustmEnt wIll BE nEEDED ovEr tHE mEDIum tErm,” LAGArDE sAID. “All

IMF Managing Director

The IMF stands ready to continue to support the GCC countries in addressing their challenge of adjusting to the lower oil price environment

Christine Lagarde,

GCC CountrIEs HAvE BEGun wElComE rEForms to rEsponD to low oIl prICEs,” sHE sAID At A PrEss ConFErEnCE. LAGArDE mADE tHE CommEnts AFtEr HEr mEEtInGs wItH tHE CustoDIAn oF tHE Two Holy MosquEs, KInG SAlmAn BIn ABDulAzIz oF SAuDI ArABIA.

THE IMF CHIEF Also AttEnDED tHE mEEtInG oF tHE GCC finAnCE mInIstErs AnD CEntrAl BAnk GovErnors. SHE sAID tHE IMF HAs FurtHEr strEnGtHEnED Its rElAtIonsHIp wItH tHE GCC CountrIEs tHrouGH Its rEGulAr Country vIsIts, Its tECHnICAl AssIstAnCE, AnD trAInInG proGrAmmE. > TURN TO PAGE 33