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International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

International Monetary Fund

technologies, alternative sources of energy and addressing subsidies for oil and oil products. Fourth, it encouraged a closer dialogue between oil producers and oil consumers and emphasized the importance of improving oil market data transparency. And fifth, it agreed that the IMF should stand ready to provide assistance to help members, especially poor countries, deal with oil price shocks. The Committee discussed the Managing Director’s report on the IMF’s Medium-Term Strategy. It welcomed the report and supported the priorities therein. The Committee

International Monetary Fund

in the world oil market. 14 60. In order to further promote oil market stability, the U.A.E. is encouraged to enhance transparency in information related to petroleum production, capacity, and reserves . Such data is crucial for investment planning and market forecasting, and the high volatility of oil prices in the recent past was at least partially attributable to a lack of oil market data transparency in an environment of tight production, refining, and transport capacity as well as an unusually high number of individual supply shocks. R eferences

International Monetary Fund
This Selected Issues paper on the United Arab Emirates highlights the achievements in the diversification of the economy and the developments and outlook of the hydrocarbon sector. The political structure of the Federation gives a great deal of independence to the individual Emirates in pursuing an economic strategy based on their respective comparative advantages. Openness to trade, trade facilitation, and a favorable business environment have enhanced non-oil diversification by stimulating trade and trade-related services.