More fiscal coordination among Gulf states urged

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Gulf central bank chiefs called on Wednesday for more coordination to achieve financial stability and face continued fallout from the global economic downturn. The meeting was told that the board of directors of the GCC Monetary Council would meet in Riyadh next week.

“This period necessarily requires that our attention is focused on issues related to achieving financial stability,” Kuwait central bank Gov. Sheikh Salem Abdulaziz Al-Sabah said in his opening speech.

“Inflationary pressures have greatly declined, but this does not mean they have disappeared... This has enabled Gulf central banks to adopt measures to face the impacts of the global financial crisis” and of slow growth, he said.