2005 News Story

Prince Saud stresses need for global financial reform

Minister of Foreign Affairs Prince Saud Al-Faisal, as head of the Saudi delegation to the Summit, yesterday addressed the meeting of Arab and South American states in Brazil's capital city of Brasilia, and stressed the need for reform in the world’s financial systems in order to support the efforts of the developing countries to achieve economic growth and social equality. These reforms, he said, must include tools that can prevent and manage crises and give a greater role to these countries in the decision-making processes of multinational financial organizations.

[Unofficial English translation of text of Prince Saud’s speech.]  

[Arabic text of Prince Saud's speech.] 

Meanwhile, the Gulf Cooperation Council (GCC) yesterday signed an agreement on economic cooperation with Mercosur, the common market set up in 1995 by the South American countries of Argentina, Uruguay, Paraguay, and Brazil.