Statement by an IMF Spokesperson on Dubai

The following statement was issued today by a spokesperson for the International Monetary Fund (IMF):

“We are continuing to monitor the situation following the unexpected announcement by the Government of Dubai regarding a standstill on the debt of Dubai World and its Nakheel subsidiary, which has had an adverse impact on financial markets.

”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. We look forward to further clarification by the authorities towards a cooperative mechanism to address the issues between these debtors and their creditors.”