Bank of Israel Governor David Klein will make an interest rate announcement on September 22 from Dubai while he attends the 2003 Annual Meeting of the World Bank Group and the International Monetary Fund (IMF).
Klein is reportedly scheduled to hold a press conference for Israeli correspondents in the Emirate, where he is expected to announce a 0.2-0.3 percent interest rate cut, reported Yediot Ahronot. This will be the Governor’s first public announcement regarding the interest rate in many months.
The Israeli delegation’s participation in the dual event is a sensitive subject for the United Arab Emirates (UAE) government. In view of the fact that Israel is a member of both the World Bank and the IMF, it must be treated equal to other members. No host country can stipulate the non-participation of any member nation, no matter how steep the differences between them.
During the first hosting vote for the meetings in 2000, the UAE attempted to exclude Israel from the event, but faced strong resistance from Europe and the United States. Between 15,000-20,000 people are expected to attend the corporate meetings, whose initial budget stood at 150 million Emirati dirhams ($40.8 million). According to IMF-World Bank rules, the host country bears the summit expenses. — (menareport.com)
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