GCC seeks observer status at IMF committee meetings

JEDDAH, Saudi Arabia (AFP) - The six-nation Gulf Cooperation Council (GCC) sought observer status at meetings of the International Monetary and Financial Committee (IMFC), part of the International Monetary Fund (IMF).
GCC Secretary General Abdulrahman al-Attiyah told IMF managing director Rodrigo Rato during a meeting here that the oil-rich bloc "would greatly appreciate ... help in granting the GCC an observer status in the IMFC."
Rato met finance ministers and central bankers from the GCC in the Red Sea city of Jeddah on Saturday. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
"With progress in implementation of the GCC monetary union, it would be very helpful if the GCC can participate in the IMFC meetings," Attiyah told the IMF official.
The committee has 24 members who are governors of the IMF (generally ministers of finance or central bank governors). A number of international institutions, including the World Bank, participate as observers in the IMFCs meetings.
Rato on Friday called on oil-producing nations to boost investment in production facilities in response to rising oil prices, which he said would have a clear impact on growth.
"Oil-producing countries have to respond to this new crisis, with an increase in investment, oil production," Rato said as he headed to top oil-producing nation Saudi Arabia on the first leg of a three-nation trip to the Middle East.

10/23/2004 - 15:25 GMT - AFP