Legarde sings the praises of GCC

International Monetary Fund Managing Director Christine Lagarde on Saturday praised Gulf Arab countries’ good management of oil prices and reserves.

Lagarde was speaking at a news conference after meeting with senior officials from the six oil exporters in the Gulf Cooperation Council.

She predicted “sustainable growth but at slightly reduced rates in the years to come” for the GCC countries, which are Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman. She also praised Saudi Arabia for helping to stabilize international markets.

“Christine Lagarde worked hard to employ Arab nationals in the IMF,” Saudi finance minister Ibrahim Abdelaziz al-Assaf said. He said discussions with the IMF will focus on monetary policies.

Meanwhile, Lagarde said the IMF will enter partnership with Gulf States and start talks with Egypt.