GCC FMs to Meet IMF Chief on Saturday
Gulf states finance ministers and central bank governors will hold a joint meeting with the Managing Director of the International Monetary Fund, Horst Koehler, in Bahrain on Saturday to enhance the region’s economy role in attracting foreign investment, Bahrain Tribune reported Thursday.
Ajlan bin Ali Al Kawari, GCC’s Assistant Secretary-General for Economic Affairs, was quoted by the daily as saying that “the meeting will discuss world economic developments and moves by GCC states to make their economies more competitive to attract foreign investments.”
Leaders of Gulf Arab states agreed at a summit last year on steps to issue a unified currency, said the daily, noting that they have also approved that the US dollar would be the common denominator for the planned single currency.
In 1999, GCC leaders agreed to unify their customs tariffs at between 5.5 percent and 7.5 percent by March 2005 – Albawaba.com