The IMF praises the strength of the Gulf countries' economies and their ability to face challenges

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The International Monetary Fund praised the strength of the economies of the Gulf Cooperation Council countries, the economic and financial measures taken by the GCC countries in light of the current circumstances, and their ability to maintain the growth path despite the increasing uncertainty and uncertainty on the global scene.

His Excellency the Secretary-General of the Gulf Cooperation Council @jasemalbudaiwi: The International Monetary Fund praises the strength of the economies of the Gulf Cooperation Council countries, and the economic and financial measures they have taken in light of the current circumstances. https://t.co/LBMKVN8m9o #Cooperation Council pic.twitter.com/SF2NzG7EQi

This came during the joint meeting between the Ministers of Finance and Economy and Central Bank Governors of the Gulf Cooperation Council countries, and the Director of the International Monetary Fund, Kristalina Georgieva, today, Thursday, in the Bahraini capital, Manama, headed by the Minister of Finance and National Economy of the Kingdom of Bahrain, President of the current session, Sheikh Salman bin Khalifa Al Khalifa, and in the presence of the Finance Ministers and Central Bank Governors of the Gulf Cooperation Council countries.

For his part, the Secretary-General of the Gulf Cooperation Council, Jassim Al-Budaiwi, stressed, during his speech, that the meeting is taking place at a time when the region is witnessing a very complex economic and geopolitical environment, noting that the disturbances that affected energy production, shipping movement, logistics services, and trade have once again confirmed the speed with which global economies and markets are affected by geopolitical developments.

Al-Budaiwi said that the economies of the Gulf Cooperation Council countries have demonstrated, despite these challenges, strong financial and macroeconomic flexibility, explaining that this flexibility came as a result of years of wise economic and financial policies, strong financial reserves, solid banking systems, and strategic investments in infrastructure, interconnection, and economic diversification.

In parallel, he pointed out that the immediate priority is to maintain macroeconomic and financial stability, while ensuring that policies remain flexible, up-to-date, and able to respond to rapid developments.

He added that dealing with challenges should not be limited to managing the direct repercussions of geopolitical shocks, but rather flexibility must be established as an inherent part of the economic structure of the GCC countries.

In addition, Al-Budaiwi stressed the importance of accelerating the efforts of the GCC countries to enhance economic integration, facilitate the movement of goods, services, capital, and citizens, strengthen regional supply chains, and develop more flexible and diversified trade and logistics corridors, in addition to continuing structural reforms that enhance the role of the private sector, raise competitiveness, and encourage technological innovation and digital transformation.

He stressed that these reforms also contribute to accelerating the transition towards more diversified and knowledge-based economies, noting that regional integration represents an essential pillar for achieving these goals.

He also explained that deepening the integration between the GCC countries’ markets, infrastructure, financial systems and supply chains enhances their collective ability to absorb external shocks and transform challenges into opportunities for sustainable growth.

He said that the current environment confirms that economic resilience does not merely mean the ability to withstand shocks, but also includes the ability to predict them, adapt to them, and emerge from them with greater strength, which requires continuing to strengthen economic and financial policy frameworks, deepening coordination between the GCC countries, completing the remaining steps towards broader Gulf economic integration, and consolidating partnerships with international institutions, most notably the International Monetary Fund.

Al-Budaiwi stressed the GCC's commitment to continuing this path, saying that coordinating policies, deepening integration, and continuing economic transformation will contribute to strengthening the foundations of the GCC economies and achieving sustainable prosperity for their people.