GCC governments will consider a request to raise their contributions to the IMF, says the Central Bank Governor.
The news comes as the fund seeks to bolster its firepower to fight the euro-zone crisis.
Sultan Al Suwaidi was responding to an appeal by the IMF for funds to bolster its revenue base by up to US$600 billion (Dh2.2 trillion).
"The GCC countries normally look at things and study things and each country decides on its own decision and will take it at their own time," Mr Al Suwaidi said yesterday after talks in Abu Dhabi between GCC central bank governors and their European counterparts.
The UAE contribution represents 0.32 per cent of total member funding compared with 2.94 per cent for Saudi Arabia and 17.7 per cent for the US, the biggest contributor.
Hamood Sangour Al Zadjali, Oman's central bank governor, was quoted earlier in the day as saying the country may double its contribution. The UK, China and Australia have already said they will sink more funds into the multilateral lender.
So far the IMF has funded bailouts for Greece, Ireland and Portugal. It is also in talks with Egypt about a possible $3.2bn loan to bolster its economy. But the emergency lender's remaining $400bn bailout pot is deemed too little to rescue large debt-straddled euro-zone nations such as Italy and Spain.
Yesterday's meeting of euro-zone and GCC finance leaders was the third in a series of regular seminars held since 2008 - and the first in the region.
Mario Draghi, the president of the European Central Bank (ECB), said the meeting reflected the growing presence of GCC states in the global economy and international finance.
"I view the GCC countries as being very important partners to Europe in variety of ways," he said. "They have been partners of Europe for long time for both oil and non-oil trade."
Mr Draghi said he was "confident" the euro zone would be in better shape this year than last year because of the progress made by members in fiscal discipline and reforms.
"One has to be more optimistic than we were six or seven months ago," he said. "Very good achievements have been made by countries on the fiscal front and they are working on structural reforms.
"All these countries have shown an extraordinary determination to address this."
Under Mr Draghi's presidency, the ECB has worked hard to shore up the euro-zone's economy. It has delivered two interest rate cuts to keep rates at a record low and last month offered banks extended loans, eased borrowing rules and restarted buying government bonds.
A drop in yields on sovereign debt, as a result, has helped to avert a "serious financial crisis", Mr Draghi said.
Mr Al Suwaidi said he was optimistic a solution to the euro-zone's problems would be found.
"We are very happy and have full confidence that issues in Europe will be resolved and believe that measures taken will take some time but will resolve the issue," he said.
tarnold@thenational.ae
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Creator: Jenna Lamia
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions