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Mr. Raphael A Espinoza, Ms. Ghada Fayad, and Mr. Ananthakrishnan Prasad


The countries of the Gulf Cooperation Council (GCC) have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans.1 The changes have affected literally all sectors of the economy. Large-scale immigration has provided the labor force while capital inflows and financial development have leveraged oil wealth to finance diversification. Regional integration plans are advancing although it is not clear yet what the prospects are for monetary union.

International Monetary Fund. Secretary's Department


1. Definitions: In these Rules, unless the context shall otherwise require :(a) “Articles” means the Articles of Agreement of the Fund.(b) “Board” means the Board of Governors of the Fund.(c) “Chairman” means the Chairman of the Board or a Vice Chairman acting as Chairman.(d) “Governor” includes the Alternate Governor or any temporary Alternate Governor when acting for the Governor.(e) “Secretary” means the Secretary or any acting Secretary of the Fund.(f) “Election” means the 1972 Regular Election of Executive Directors.