Oman pledges more funds to IMF
By staff - Wed Jan 18, 4:57 am
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Oman will raise its contribution to the International Monetary Fund’s war chest to fight the euro zone debt crisis, its central bank head said on Wednesday.
“Our percentage is very small. We might be doubling that,” Hamood Sangour Al-Zadjali told Reuters at a meeting of Gulf Cooperation Council (GCC) central banks and European Central Bank governors in the UAE capital. “But whatever the increase, we are going to participate.”
The IMF wants to raise $600 billion to bolster its resources for dealing with the financing needs of countries hit by the euro zone debt crisis.
Oman’s contribution represents 0.10 percent of total member funding to the IMF, compared to 2.94 percent for regional heavyweight Saudia Arabia and 17.7 percent for the US, the biggest contributor.
Gulf central bankers are meeting in Abu Dhabi today and comments by policymakers on the sidelines may shed more light on the contribution of the region’s bigger players.
Countries such as Britain, China and Australia said they were ready to inject new funds into the IMF, either through bigger quotas or through additional money for the IMF’s New Agreements to Borrow (NAB) crisis fund.
“I think they (the IMF) will do it proportionately according to the membership share,” Zadjali, the executive president of the Omani central bank, said. “Maybe some of the countries, they will have a little bit higher percentage than the others. But they have the formula and the amount each country can put in.”
Zadjouli said he expected growth of Oman’s real gross domestic product to ease slightly to 6 percent this year from 7 percent in 2011 while inflation is projected to be around 4 percent. – Reuters
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