Published on Mon, Nov 30, 2009 at 13:46 | Source : Reuters
Updated at Mon, Nov 30, 2009 at 14:57
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IMF says monitoring Dubai debt situation
The International Monetary Fund said it welcomed a move by Dubai's central bank to offer emergency support to banks, and said it would continue to monitor the debt situation.
The International Monetary Fund said it welcomed a move by Dubai's central bank to offer emergency support to banks, and said it would continue to monitor the debt situation.
"The United Arab Emirates is a strong resource-based economy and we welcome today's announcement by the Central Bank of the UAE making available to banks a special additional liquidity facility," the IMF said in a statement on Sunday.
"We look forward to further clarification by the authorities towards a cooperative mechanism to address the issues between these debtors and their creditors."
The UAE's central bank set up an emergency facility earlier on Sunday to get liquidity to banks after Dubai said it would ask creditors of two companies to agree to a standstill on billions of dollars of debt.
