Marrakech, October 15 (QNA) - Secretary-General of the Gulf Cooperation Council (GCC), Jassem Mohamed Albudaiwi, said that the GCC member states have embodied a realistic example of financial prudence, supported by their continuous trend towards increasing non-oil revenues, their reforms to tax policy, and the modernization and digitization of their global finances, which strengthened their financial position and maintained strong financial and external margins.
This came during GCC Secretary-General's participation in the meeting held between Ministers and Governors of the Middle East and North Africa (MENA), and the Director General of the International Monetary Fund (IMF), held on Sunday in Marrakech, Kingdom of Morocco, on the sidelines of the meetings of the IMF and the World Bank.
GCC member states have embarked on a transformative journey, which was evident in the development of their national economic plans, based on their firm commitment to progress, and paving the way for their accelerated social and economic transformation.
He also noted that the policies of GCC economies also succeeded in remaining steadfast and dealing skillfully with the economic challenges, as well as recovering from the Coronavirus (Covid-19) pandemic, despite global inflation pressures, and a slow and uneven global recovery, Albudaiwi added.
He noted the growth of non-oil GDP in the GCC member states and their commitment to economic diversification, recalling that the statement made earlier this week by the Director of the IMF's Middle East and Central Asia Department, highlighting that the average non-oil growth in GCC member states over the past two years surpassed the global economy's and advanced economies' average growth. He stressed that inflation in the GCC member states remains well-controlled, unemployment is declining, and the financial sector remains resilient.
Secretary-General of GCC pointed out that the successful hosting of the FIFA World Cup Qatar 2022 stimulated tourism and infrastructure in our region and showcased it to the world, adding that the UAE will host the 2023 United Nations Climate Change Conference (COP28) this year, which is the first of its kind in the Gulf region.
He termed organizing this event as another opportunity to demonstrate the commitments of GCC member states and contributions to facing shared global challenges.
He underlined that GCC member states are committed to enhancing multilateral cooperation, as exhibited by their response to the IMF's invitation to support the Rapid Growth Team and the Poverty Reduction and Regional Support Team, highlighting the major contributions from Saudi Arabia, Qatar, the United Arab Emirates and Oman, expressing the General Secretariat's aspiration to work closely with the IMF's recently established Regional Office in Riyadh and benefit from its presence in the GCC countries, in addition to the IMF's Central Financing Centre in Kuwait, to help enhance the GCC countries' engagement with the IMF. (QNA)