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UAE economist urges more fund injections into Gulf banks |
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Business News
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Wednesday, 11 November 2009 23:54 |
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A leading UAE economist called here Wednesday on GCC member countries to flood more money into banks
and to reduce interest rates down to just one percent in order to wriggle out of the global financial quagmire.
Interviewed by KUNA, Jomaa al-Majid, who is currently visiting Kuwait, stressed that if the Gulf countries wanted to effect economic recovery and alleviate the repercussions of the world economic downturn, then they had to inject money into banks.
On his ongoing visit to Kuwait, al-Majid, deputy chairman of the UAE central bank said he was here as part of a group of international economists invited to discuss the global financial crisis.
He has already met His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on several economic and financial issues.
He hailed the meeting with the Amir, saying it was a good thing for Gulf leaders to listen to economists.
Al-Majid, who is also deputy chairman of the Dubai Economic Council, also lauded the latest scientific, cultural and trade developments in the State of Kuwait, which he said were on the right path. - Kuna
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