Business | Economy

UAE cabinet approves raising of share in IMF

The increase would make the share of the country the largest among Arab countries.

  • Gulf News Report
  • Published: 00:00 February 7, 2011
  • Gulf News

Abu Dhabi: The UAE cabinet approved an increase in its share of the International Monetary Fund's (IMF) capital, the official WAM news agency reported on Sunday.

The increase would make the share of the country the largest among Arab countries.

The IMF is the intergovernmental organisation that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments.

Latest report

In its latest report of October 2010, the IMF doubled the UAE's growth projections.

The UAE's gross domestic product (GDP) was expected to grow 2.4 per cent last year, a strong turnaround from its 2.5 per cent decline in 2009.

The latest edition of the IMF's half yearly status report, Global Economic Prospects (GEP), also projected 3.2 per cent GDP growth for the UAE this year.

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