LOC16:46
13:46 GMT
CAIRO, Dec 24 (KUNA) -- The Arab economic summit due to be hosted by Kuwait constitutes an opprtunity to map out a common Arab economic strategy, an Arab influential authority said on Wednesday.
The Secretary General of the Arab Economic Unity Council Dr. Ahmad Juwaili said in remarks broadcast by the official Egyptian news agency, the Middle East News Agency, that such an aspired plan should include "a road map," a work scheme and planned steps to realise comprehensive economic and social development in the Arab world.
The Kuwait summit will witness decisions intended to enhance the living standards of the Arab citizens AND pave way for the realization of the great Arab trade union.
The council will propose to the sumiteers some plans to "suck up" ramifications of the international financial crisis, he said, adding that it would propose establishing an authority with a capital of USD one billion to finance private ventures.
He indicated at other planned decisions for forming funds to finance small enterprises, limiting poverty in addition to an emergency fund with a USD 70 billion to solidify Arab financial institutions vis-a-vis the incoming risks and hazards.
Elaborating, he estimated losses to be incurred by the Arab economies at USD 2.5 trillion. He also foresaw drop of economic growth in the Arab world from five percent to three percent in addition to greater deficit in the Arab states budgets. (end) rg.rk KUNA 241646 Dec 08NNNN