JEDDAH, 20 May 2006 -- Hamad Al-Sayari, governor of Saudi Arabian Monetary Agency (SAMA), has been appointed a member of the IMF committee of eminent persons to provide the fund with an independent view of the available options for ensuring that it has a sustainable and durable income base to finance its running costs over the long term.
The appointment was announced yesterday by Rodrigo de Rato, managing director of the International Monetary Fund (IMF). The committee will be chaired by Andrew Crockett, president of J.P. Morgan Chase International and former general manager of the Bank for International Settlements. Its members include Mohamed A. El-Erian, president and CEO of Harvard Management Company; Alan Greenspan, chief executive officer of Greenspan Associates and former chairman of the Federal Reserve Board; Tito Mboweni, governor of the Reserve Bank of South Africa; Guillermo Ort?z, governor of the Bank of Mexico; Jean-Claude Trichet, president of the European Central Bank; and Zhou Xiaochuan, governor of the People's Bank of China.
"I am delighted to announce the appointment of this committee and to thank, on behalf of the fund's membership, these eminent persons for agreeing to bring their experience, expertise and wisdom to this important issue for the international community," de Rato said in a statement. The main task of the committee will be to identify and assess the full range of options available and to make specific recommendations for a sustainable long-term financing of the IMF's running costs. The committee will report to the managing director in the first quarter of 2007 and its work will be supported by staff of the IMF.
By P.K. Abdul Ghafour
© Arab News 2006
