Gulf states seeks to establish monetary federation

The secretary general of the Gulf Cooperation Council (GCC) Sheikh Jamil al-Hujeilan has stressed that leaders of the GCC member states gave their directives during the recent summit which was held in Bahrain the specialized committees which work within the framework of the council to a detailed work program, according to a set schedule so as to reach the monetary federation and to submit this program to the summit which will be held in Oman.

Sheikh Hujeilan added that the program includes the implementation of basic conditions which precede the unification of the currency. These include reduction of budget deficit in the governments budgets, coordinating taxation policies and the local growth average according to a set program.