LOC13:49
10:49 GMT
(With ECO-KUWAIT-SUMMIT) CAIRO, Nov 19 (KUNA) -- The State of Kuwait is proposing a meeting be held for Arab Central Banks' Governors ahead of the Arab Economic Summit to debate measures to counter the global financial crisis, an official told KUNA Wednesday.
Kuwait Foreign Ministry's Arab World Affairs Department Director Jassem Al-Mubaraki -- head of the Kuwaiti delegation which took part in the senior-official level meetings of the preparatory committee -- said the aim is to present recommendations to Arab leaders at the summit in January.
In remarks on the sidelines of the meetings which concluded today, the official said that though the call for the Arab summit came before the current financial crisis began to affect world economies, Kuwait and Egypt, who first called for the summit, considered it essential the current crisis and resultant state of affairs be considered at the venue.
"We do not seek to enter into a maze of details ... We seek a realistic approach to the situation by Arab leaders," the official told KUNA.
As to whether the credit crunch would limit funding to be made available for projects approved by the summit, he said he hopes for a different more favorable scenario. However, "anyone who denies the crisis has an effect on all is simply not being realistic about the whole affair," the figure further remarked.
As for preparations ahead of the summit, Al-Mubaraki noted these are progressing on two courses; logistic preparations are taking place in the host state which include set up and meetings of sub-committees, while the Arab Economic and Social Council is meanwhile working on the preparations on an Arab and regional level. (end) kz.mfm.wsa KUNA 191349 Nov 08NNNN