UAE: INTERNATIONAL MONETARY FUND AND WORLD BANK DELEGATES BEGIN THEIR ANNUAL MEETING IN DUBAI

Record ID: 566220

  • Title: UAE: INTERNATIONAL MONETARY FUND AND WORLD BANK DELEGATES BEGIN THEIR ANNUAL MEETING IN DUBAI
  • Date: 23rd September 2003
  • Summary: (U3) DUBAI, UNITED ARAB EMIRATES (SEPTEMBER 23, 2003) (REUTERS - ACCESS ALL) 1. SLV EXTERIORS OF DUBAI CONVENTION CENTRE, VENUE OF THE IMF MEETING 0.03 2. CU/SV OF BANNERS AND FLAGS OUTSIDE THE CENTRE (2 SHOTS) 0.12 3. SLV DELEGATES ARRIVING 0.17 4. LV/CU FLAGS INSIDE THE CONFERENCE HALL (2 SHOTS) 0.26 5. LV/CU VARIOUS OF THE HALL AND DELEGATES (6 SHOTS) 1.00 6. SV (English) SWITZERLAND'S MINISTER OF FINANCE AND WORLD BANK CHAIRMAN OF THE BOARDS OF GOVERNORS KASPAR VILLIGER, SAYING: "Global economy continues to face uncertainty stemming from the after effects of the bursting of the equity price bubble, the investment overhang and continuing geopolitical insecurities. However a recovery now appears to be underway and the balance of risks has improved significantly." 1.25 7. LV OF THE HALL 1.29 8. SV (English) SECRETARY OF THE TREASURY FOR THE U.S. JOHN SNOW, SAYING: "Mr Wolfensohn and Mr Koehler have talked about the imbalances in the world and there are imbalances and they need to be addressed. The Unites States wants to be part of the process of addressing these fundamental imbalances. One that Mr Koehler talked about is the deficit in the United States. We are concerned about that, let me assure you all but it is understandable. It came about because of the recession, in an effort to deal with the recession. If you are going to run a recession it is 'economics 101' that you run a deficit if you got economic recession." 2.08 9. LV OF THE HALL 2.12 10. SV OF DELEGATES LISTENING (2 SHOTS) 2.22 11. LV CONFERENCE HALL 2.25 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 8th October 2003 13:00
  • Keywords:
  • Location: DUBAI, UNITED ARAB EMIRATES
  • Country: United Arab Emirates
  • Reuters ID: LVAESZYTAYUKV588ENW3A3FBC6O6
  • Story Text: International Monetary Fund and World Bank delegates
    begin their annual meeting in Dubai



    Delegates from International Monetary Fund (IMF) and
    World Bank beagn a two-day annual meeting in the capital of
    the United Arab Emirates, Dubai on Tuesday (September 23).

    Representatives of 184 countries, members of the IMF
    and the World Bank gathered at the opening session listened
    to addresses by World Bank President James Wolfensohn, IMF
    Managing Director Horst Koehler and Swiss Finance Minister
    and Chairman of the Board Kaspar Villiger.

    The two day meeting is expected to focus on further
    liberalisation of global trade, poor countries' debt and
    reconstruction of Iraq.

    Speaking during his opening address Switzerland's
    minister of finance and World Bank chairman of the boards
    of governors Kaspar Villiger said world economy was on the
    mend.

    "Global economy continues to face uncertainty stemming
    from the after effects of the bursting of the equity price
    bubble, the investment overhang and continuing geopolitical
    insecurities. However a recovery now appears to be underway
    and the balance of risks has improved significantly,"
    Villiger said.

    World Bank President James Wolfensohn and IMF Managing
    Director Horst Koehler expressed concern in their opening
    speeches about U.S. budget deficit.

    The U.S. budget deficit has soared to record heights
    above five percent of annual national output but U.S.

    Secretary of the Treasury John Snow said the Washington was
    determined to bring it down.

    "Mr Wolfensohn and Mr Koehler have talked about the
    imbalances in the world and there are imbalances and they
    need to be addressed. The Unites States wants to be part of
    the process of addressing these fundamental imbalances. One
    that Mr Koehler talked about is the deficit in the United
    States. We are concerned about that, let me assure you all
    but it is understandable. It came about because of the
    recession, in an effort to deal with the recession. If you
    are going to run a recession it is 'economics 101' that you
    run a deficit if you got economic recession," Snow told the
    delegates at the meeting.

    Snow said the U.S. administration expected to cut the
    budget deficit in half within four or five years as a
    reduced tax burden spurs more economic activity.





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