Bloomberg News

U.A.E. Sees 2012 GDP Growing at Least 4%, Won’t Lend IMF More

January 26, 2012

(See DAVOS <GO> for more on the World Economic Forum.)

Jan. 26 (Bloomberg) -- The United Arab Emirates, the second-biggest Arab economy, expects gross domestic product to expand “at least” 4 percent in 2012, Economy Minister Sultan al-Mansouri said.

“Under the circumstances, this is healthy, this is good,” al-Mansouri said in an interview in Davos, Switzerland, where he is attending the World Economic Forum.

Asked if the U.A.E., home to 7 percent of the world’s oil reserves, would boost the resources of the International Monetary Fund to avert a global slowdown, al-Mansouri said: “This issue, we are not part of it right now. We have to address issues in our region, our country.”

To avoid a 1930s-style worldwide depression, IMF Managing Director Christine Lagarde has called on other countries to contribute. The IMF, which co-finances loans to Greece, Ireland and Portugal, identified a potential global financing need of $1 trillion in coming years and is seeking $500 billion in new lending resources from its members to address potential loan demand.

--Editors: Digby Lidstone, Jennifer Freedman.

To contact the reporter on this story: Alaa Shahine in Davos, Switzerland at asalha@bloomberg.net Caroline Connan in Davos at cconnan@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net


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