IMF is not seeking Gulf help to rescue debt-ridden Eurozone

Abu Dhabi: The IMF has not approached Gulf states about a possible bailout of debt-laden Eurozone countries, officials said on Saturday.

"We did not address any IMF issue," Abdul Latif Al Zayyani, Gulf Cooperation Council (GCC) Secretary-General, said at a press conference following the 91st GCC financial and economic committee meeting in Abu Dhabi.

He stressed that the officials discussed recent international and regional economic developments and policies to promote stable global economic growth which is able to address social issues, reform global financial systems and organise monetary markets.

Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, also said that the UAE was not involved in any discussions about the country helping to alleviate the Eurozone sovereign debt crisis.

"The recapitalisation for what was agreed on for 2010 has not been implemented yet. So there is absolutely no discussion at this stage between the IMF and the UAE regarding participation in any recapitalisation," Al Tayer told reporters.

National interests

Al Tayer stressed that GCC countries were adopting policies that would help alleviate any negative effects of the world economic recession.

"We set up our plans and strategies that are based on our national interests and that serve our states' and citizens' interests and we cannot rule out any repercussions on our economies," he said.

He added that the meeting supports the GCC's efforts to become a strong economic bloc that could impact and compete with the global economy. The 91st GCC financial and economic committee meeting functions as a link between the six countries' supreme council and the financial and economic committees based on the recommendations made by them.

Al Zayyani added that the officials reviewed key achievements by the Gulf Common Market Committee, the financial and technical team tasked with finalising studies regarding the railway project, and the team concerned with researching and studying the econ-omic judiciary system.

"The initiatives proposed by the GCC to the World Trade Organisation [WTO] and the recommendations raised by the under-secretaries of ministries of finance which was held early this month were also discussed," Al Zayyani added.

The meeting made a number of recommendations pertaining to the finalising of the GCC Customs Union and the work progress of the team tasked with participating in discussions with the European Union and other states and financial groups, Al Zayyani said. "The GCC customs union is on track for end-2014 or early 2015 and the planned GCC Customs Authority would be set up by around mid-2012," he said.

— With inputs from agencies