General Secretariat – Washington, D.C.
His Excellency Mr Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that maintaining economic stability and financial resilience is a strategic priority for the GCC member states, as it represents a fundamental pillar for sustainable development and enhances the ability to face external shocks.
These remarks were made during His Excellency's participation in the dialogue session for the Finance Ministers and Central Bank Governors of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region.
The session was part of the activities of the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), held on Wednesday, October 15, 2025, at the IMF headquarters in Washington, D.C.
During his participation, His Excellency presented the GCC's vision regarding economic stability and growth in the region. He also pointed out that the region's countries face a range of challenges, most notably oil price volatility, a global economic slowdown, and geopolitical tensions affecting energy markets and trade, in addition to internal challenges related to accelerating the pace of economic diversification, addressing labour market imbalances, and fiscal pressures.
Moreover, His Excellency stated that the GCC countries are implementing prudent fiscal and monetary policies aimed at controlling inflation and ensuring the soundness of the financial sector, while maintaining strong foreign currency reserves.
"This is done in parallel with providing targeted support to the most vulnerable groups, expanding non-oil revenue sources, and investing in infrastructure, education, and healthcare to promote sustainable and inclusive growth." His Excellency stated.
His Excellency explained that structural reforms in the GCC states are focused on diversifying the economy, modernising labour markets, enhancing fiscal discipline, and increasing the efficiency and flexibility of their financial systems.
His Excellency Mr Albudaiwi concluded his participation by emphasising that regional coordination and international partnerships are pivotal elements in enhancing economic stability and financial resilience in the region.
He expressed the GCC's aspiration to continue cooperation with the IMF and international partners to support reform paths and sustainable development.
