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UAE ready to host IMF technical support centre

posted on 13/02/2004: 1909 views

A senior UAE official has said his country is prepared to play host to a regional technical support centre of the International Monetary Fund (IMF). 'The UAE is fully ready to secure all facilities and requirements necessary to host this centre given its strategic location at the east-west crossroads, political and economic stability and ultra-modern infrastructure,' said

Mohammed Khalfan bin Khirbash, Minister of State fort Finance and Industry, after talks with Dr. Mohsen Khan, Director of MENA and Central Asia Department at the IMF.

The IMF official presented to Khirbash the terms and requirements of establishing the centre. According to the IMF, the value of contribution to the setting up of the centre is US$9.5 million in three years and the host country should offer 500,000 dollars a year.

The MENA receives 11 per cent of the total technical assistance of the IMF. Egypt, Jordan and Lebanon are vying to host the IMF centre.

The minister highlighted the fruitful partnership between the UAE and the international institution which culminated in the resounding success of the UAE hosting of the joint annual meeting of the WB-IMF in September 2003.

He added that the presence of such a regional centre in the UAE will serve Arab economies in a better way. 'An IMF centre in the UAE will help cut down total costs of hiring experts and will help generate Arab experts - a matter that will reduce costs of technical assistance to Arab countries,' he noted.

The UAE is home to the Arab League's Arab Monetary Fund and the regional office of the UNDP. (The Emirates News Agency, WAM)


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