GCC ministers, central banks' governors discuss joint policies

KUWAIT, Oct 25 (KUNA) -- GCC ministers of financial and economic affairs and central banks' governors began here on Saturday a joint meeting, aimed at reaching common perspective regarding key issues of common interest in the banking and monetary fields.
Agenda of the meeting, attended by Director-General of the International Monetary Fund Christine Lagarde, includes talks on issues of joint concern, with aim of formulating common perspectives in this respect and offering technical support for Gulf Cooperation Council's member states.
Looming high on the schedule are financial stability in the GCC countries, reforming the labor market to increase employment and productivity, in addition to enforcing collective precautionary measures as well examining civil servants' pay scales and salaries in the regional states.
Kuwait, late on Friday, hosted the 99th meeting of the GCC committee of financial and economic cooperation, discussing results of a previous meeting of the GCC commission of monetary authorities; governors and central banks and some recommendations on "completing the requirements for the joint GCC custom federation." It also hosted the joint meeting of the Committee of Governors of Monetary Agencies and Central Banks. Topics dealt in part with "latest developments at the level of combating money laundering and funding terrorism." The IMF, established in 1945, is charged with averting global economic crises, guiding nations to adopt flawless economic and financial policies, stimulating international trade and maintaining major currencies' stability. (end) mjb.tb.rk