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De Rato Advises Middle Eastern Economies to Diversify

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De Rato Advises Middle Eastern Economies to Diversify International Monetary Fund VOLUME 33 NUMBER 20 NOVEMBER 8, 2004 In this issue www.imf.org/imfsurvey 313 De Rato visits De Rato advises Middle Eastern economies to diversify Middle East n late October, IMF Managing Director Rodrigo needs.” He pledged the IMF’s readiness to work closely 315 I de Rato wound up a four-day visit to the Middle with all countries in the region to achieve these goals. Trade Research East after consulting with policymakers in Saudi Arabia, Conference Lebanon, and Egypt. During the visit, he also inaugu- During the first leg of his trip, de Rato consulted 317 rated the Middle East Technical Assistance Center with ministers of the six-nation Gulf Cooperation Why globalization (METAC) in Beirut (see box below). The center has Council (GCC) in Jeddah, Saudi Arabia, where he wel- works been set up by the IMF to facili- comed the GCC’s firm commit- 319 tate technical assistance to the ment to help maintain stability Labor unions region, especially to help meet in the oil market by increasing hold dialogue with the massive institution-building production in response to grow- IMF, World Bank needs of countries like Iraq, ing demand—a move, he said, 320 Afghanistan, Sudan, and the that will help sustain the current Tanzania legislators, West Bank and Gaza that have global economic expansion. civil society meet with IMF been suffering from conflict. In recent decades, the GCC Throughout the visit, he urged countries have witnessed 321 Europe’s productivity Middle East leaders to seize the unprecedented economic and opportunity provided by the social transformation. Their 324 global economic recovery and improved financial positions, Asia and capital flows higher oil prices “to build relatively low external debt levels, IMF Managing Director Rodrigo de Rato 327 stronger macroeconomic foun- (left) with Lebanon’s outgoing Minister of and modernized infrastructure, dations and enlarge savings for he said,“reflect positively on Market for Finance Fouad Siniora in Beirut. distressed debt the future generations, while at management of oil wealth and the same time creating an environment that promotes show the fruits of opening borders to trade, capital, and and… sustained economic growth and job creation by the labor.” The Middle East region—particularly the GCC 322 Recent publications private sector to meet the rapidly rising employment countries—has also benefited (Please turn to next page) 326 New on the web METAC to bolster region’s financial macroeconomic stability and develop basic institutions 327 sector stability, modernize institutions for policymaking. Selected IMF rates At the METAC opening, Siniora said that he saw the cen- On October 25, IMF Managing Director Rodrigo de Rato ter as an opportunity for member countries to share success- and outgoing Minister of Finance of Lebanon Fouad ful experiences on macroeconomic and financial reforms and Siniora inaugurated the Middle East Technical Assistance to work together to benefit from these experiences. De Rato Center (METAC) in Beirut, Lebanon. The office—the noted that “the key role of IMF technical assistance is to IMF’s fifth regional technical assistance center—will transfer knowledge and experience that helps countries in the serve Afghanistan, Egypt, Iraq, Jordan, Lebanon, Libya, region strengthen their own ability to design and implement Sudan, Syria, West Bank and Gaza, and Yemen. The cen- economic policies, promote financial sector stability, and ter is being established to help countries in the Middle modernize institutions.” The ultimate objective is to raise East strengthen their capacity for effective macroeco- economic growth to “levels sufficient to meet the needs of a nomic management and to support the region’s integra- rapidly expanding labor force and to achieve real and sus- tion in the world economy. Targeted capacity building tained improvements in the standards of living,” he added. will be provided in areas such as public expenditure At its first meeting on October 26, METAC’s Steering management, revenue administration, bank restructur- Committee reviewed the center’s preliminary work program. ing, banking supervision, and multisector statistics. That program will be finalized in the coming months as The center will also help postconflict countries restore assessments are made of country needs. 313 ©International Monetary Fund. Not for Redistribution from the recent global rebound, which has contributed small and medium-sized enterprise sector to provide to higher demand for oil and other exports. job opportunities for the growing Saudi workforce.” “New challenges, however, are emerging,” de Rato cautioned. To deal with intensifying unemployment Lebanon: reducing vulnerabilities pressures, the GCC countries will need to achieve On October 25, de Rato traveled to Lebanon to inau- higher sustained growth in their non-oil sectors and gurate METAC, where he said that Lebanon had reduce their financial dependence on volatile oil export come a long way to reestablish itself as a thriving receipts. He welcomed the authorities’ efforts to address economy and as an important regional hub. In meet- these challenges by accelerating reforms. Increased ings with President Emile Lahoud, Speaker of regional integration, culminating in an efficient mone- Parliament Nabih Berri, Prime Minister-designate tary union, would also strengthen the region’s eco- Omar Karameh, and outgoing Finance Minister nomic prospects. Significant progress toward regional Fouad Siniora, he underscored the IMF’s support for integration has already been achieved, he said, but “the the significant fiscal adjustment achieved in recent road to monetary union will require intensified efforts years. But de Rato also underlined the need for fur- to ensure political consensus on critical economic issues ther reforms to reduce the country’s public debt— and development of relevant convergence criteria, com- which currently exceeds $35 billion—mainly through mon data standards, and development of relevant insti- further fiscal consolidation. “Efforts have to continue tutions.” GCC nations set up a unified customs union on the path of reforms,” he said, primarily with early last year, and plan a common market by 2007 and respect to long-awaited privatization projects. a single currency three years later. Egypt: improving the business climate Saudi Arabia: critical for region De Rato visited Egypt on October 26 for the final leg of Meeting with Saudi Arabia’s Crown Prince Abdullah in his trip, where he met with President Hosni Mubarak, Riyadh on October 24, de Rato noted the important role Prime Minister Ahmed Nazif, Minister of Finance that Saudi Arabia plays in ensuring oil market stability Youssef Boutros-Ghali, Central Bank Governor Farouk and in furthering economic progress in the region. He El Okdah, parliamentarians, and other senior officials. commended Saudi Arabia’s decision to increase oil pro- De Rato said he was greatly encouraged by their duction, take steps to boost capacity, and enhance coor- renewed commitment to liberalizing Egypt’s economy dination between producers and consumers. and to removing impediments to private sector growth De Rato also lauded Saudi Arabia’s role in providing (such as recent decisions to lower tariffs, cut taxes, and economic and financial support to Iraq and other privatize public enterprises) and by their plan to countries in the region.“The Kingdom’s support has restructure the country’s financial sector. been critical,” he said,“in achieving substantial progress At the same time, de Rato encouraged Egypt to press toward regional integration, including the elimination forward with measures to spur growth and reduce of most barriers to the free movement of goods, ser- unemployment. Sustained higher growth, he said, will The Saudi vices, capital, and national labor, and in fostering eco- require close integration into the global trading and nomic liberalization policies in other non-GCC coun- investment community through continued opening up government’s tries, thus contributing to the sustained growth and sta- under Egypt’s multilateral and bilateral trade agree- decision to bility in the entire area.” He encouraged Saudi Arabia to ments.“Additional efforts,” he suggested, will be needed consider debt continue to play a leadership role in easing regional ten- to “strengthen the climate for business and eliminate relief for Iraq sions, promoting policies that foster liberalization and remaining impediments and restrictions.” Encouraging would go a integration, and helping Iraq strengthen its financial a further expansion of the private sector will, in turn, long way in position and restore its place in the regional economy. help meet the needs of Egypt’s rapidly growing labor improving “The Saudi government’s decision to consider debt force, where faster job creation will be necessary to that country’s relief for Iraq,” de Rato said,“would go a long way in reduce unemployment, particularly among youth. economic improving that country’s economic viability.” Among Egypt’s main challenges will be to contain the viability. On the domestic front, Saudi Arabia has witnessed fiscal deficit and arrest the growth of public debt; to this —Rodrigo de Rato unprecedented economic and social transformation end, de Rato urged the authorities to maintain a pru- in recent decades. To help tackle rising unemploy- dent fiscal policy in the short and medium term. ment, the authorities have taken steps to diversify the economy and improve private sector participation. But that strategy needs to be reinforced, de Rato said. The full text of the Managing Director’s statements made during this trip to the Middle East are available on the IMF’s November 8, 2004 “There is a need now to focus on the development of website (www.imf.org). 314 the private sector, particularly the growth of the ©International Monetary Fund. Not for Redistribution.
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