IMF urges Gulf states to open up

BAHRAIN - The International Monetary Fund (IMF) has urged the Persian Gulf Arab states to end subsidies and open up to foreign investment.

The managing director of the International Monetary Fund, Horst Koehler, in a meeting of Gulf Arab finance ministers and central bank governors in Bahrain on 12 May, urged the Gulf states to work towards a unified currency.

The leaders of the Gulf states agreed to a unified currency, pegged to the US dollar, at a meeting in December 2000. The IMF meeting was

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