World Government Summit: High-interest rates, inflation major challenges for Gulf region

World Government Summit: High-interest rates, inflation major challenges for Gulf region

The regional economy today faces multiple challenges, including rising prices, high interest and inflation rates, said Abdul Rahman bin Abdullah Al Hamidi, Director-General and Chairman of the Arab Monetary Fund (AMF). And keeping these more extensive macroeconomic conditions in mind, regional governments must tighten fiscal and monetary policies to reduce the severity of the global inflationary wave, recommended Al Hamidi on Sunday at a pre-World Government Summit event in Dubai. Al Hamidi was among the many Arab global economic, banking and finance leaders who spoke at the seventh annual Arab Fiscal Forum. Held in collaboration with the UAE Ministry of Finance, the forum discussed future opportunities and challenges in government financial work, harnessing all efforts to contribute to advancing the comprehensive and sustainable development process. Al Hamidi said government economic and financial policies play a critical role in preserving social and economic stability. Dr Mohammed Al Jasser, President of the Islamic Development Bank Group, said financial stability is an issue faced by Arab countries in varying ways. He said: “Arab investments must be strengthened and diversified into the green economy. Moreover, support must be provided to Arab countries that suffer from crises and natural disasters to face challenges and enhance