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KUWAITI MINISTER STRESSES IMPORTANCE OF RIYADH MEETINGS ON ECONOMIC, FINANCIAL COOPERATION

RIYADH, Saudi Arabia- Kuwait’s Deputy Prime Minister, Finance Minister and Acting Oil Minister, Anas Al-Saleh, on Thursday, underlined the importance of three meetings held in Riyadh yesterday, mainly on GCC economic developments and cooperation.

Al-Saleh made the statement, as he emerged from the first meeting of the joint committee of GCC Finance Ministers, with US Secretary of Treasury, Jack Lew, and that of the GCC finance ministers and governors of central banks with Managing Director of International Monetary Fund (IMF), Christine Lagarde.

Lagarde underlined the necessity of completing the measures taken by GCC member states, after they came to face deficit in their budgets, due to the drop in oil prices, he said.

According to Al-Saleh, the IMF chief called for continuing these reform measures, regardless of saving strong financial reserves, to face the current spending, as well as, increasing revenues and diversifying income sources, to decrease deficit of GCC budgets, the minister pointed out.

Regarding the talks with Lew, Al-Saleh said, they focused on means of strengthening the GCC-US economic ties, and coordination of monetary policies.

He said that, the US official was briefed on measures taken by GCC states, for combating terrorism and drying off its financing sources.

Referring to the 105th meeting of the GCC Economic and Financial Cooperation Committee, the Kuwaiti official said, it had discussed, and approved recommendations submitted by the undersecretaries of finance.

Al-Saleh led the Kuwaiti delegation in the three meetings.

Source: Nam News Network