Finance Minister Dr. Ibrahim Al-Assaf is in Washington to participate in Annual Meetings of the World Bank and the International Monetary Fund (IMF), which are being held October 20-22, 2007 in the capital.
In an address last night, Dr. Al-Assaf highlighted the World Bank’s role in accelerating development and reducing poverty in developing countries. He also welcomed the World Bank’s move to increase loan activities in the Arab world, and stressed the vital role played by the private sector in accelerating growth.
Turning to energy issues, Dr. Al-Assaf said that fossil fuels remain the most cost effective major source of energy. He called for efforts to increase the effectiveness of fossil fuel sources in ways that limit damage to the environment.