The International Technical, Monetary and Financial Committee, an affiliate of the World Monetary Fund held a meeting here today. The delegation of the Kingdom of Saudi Arabia to the meeting was headed by Hamad bin Saud Al-Sayyari, the Governor of Saudi Arabian Monetary Agency. Addressing the Committee, Al-Sayyari noted that there is no shortage in oil supplies and that the world oil production meets the needs of the markets. He emphasized the importance of cooperation between oil producing and consuming countries to preserve the stability of oil prices within the framework of the World Energy Forum. In this regard, Al-Sayyari affirmed the necessity of avoiding the imposition of very high taxes on oil. Keen on supporting the world economy especially the developing nations, the Kingdom has raised its productive capacity in appropriate times and is ready for doing so if necessary, he said. Al-Sayyari stressed that the Saudi economy has been continuing its strong performance along with a surplus in foreign accounts and the general budget last year. He commended the progress achieved by the Kingdom to join the World Trade Organization.
