Baku:Gulf Cooperation Council Secretary-General Jasem Mohamed Al Budaiwi participated in a meeting of finance ministers and central bank governors from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The meeting took place alongside the 2026 Annual Meetings of the IMF and the World Bank Group.
According to Bahrain News Agency, Al Budaiwi emphasized the resilience of GCC member states in facing economic shocks and geopolitical challenges. He attributed this resilience to strong economic fundamentals, robust financial reserves, and prudent economic policies. He also stressed the importance of deepening Gulf economic integration and expanding international partnerships to strengthen economic stability and achieve sustainable growth.
Al Budaiwi discussed the impact of recent geopolitical developments on economies, including disruptions to energy production and trade. He noted that these issues highlighted the interconnectedness of GCC economic stability with global markets. He pointed out that GCC economies are well-positioned to sustain recovery and growth through 2027, supported by economic diversification and targeted investments.
He further emphasized the need for balancing immediate economic challenges with long-term fiscal sustainability, aiming to strengthen Gulf economies' capacity to manage future disruptions. Al Budaiwi highlighted strategic sectors such as advanced industries and digital infrastructure as potential drivers of future economic growth, along with empowering the private sector.
The Secretary-General concluded by reiterating the GCC's commitment to enhancing regional cooperation and turning current economic challenges into opportunities for a diversified and sustainable future.