close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

United we stand, divided we fall

United we stand, divided we fall

At a macro-economic level – or ‘big economy stuff’, as we prefer to call it – the lesson of the global downturn is that we are stronger together than we are apart.

0

February 7, 2011 3:01 by



Kipp remembers years ago, there was a cartoon called Captain Planet. If we remember rightly, five characters had magic rings which meant they were entrusted with protecting the Earth, mainly from eco-type disasters. When they needed help (pretty much every episode) they all held up their rings (which symbolized earth, wind, water, fire, and heart) yelled out “Go Planet!” and a flying bloke painted blue arrived to help them. The key lesson was: working together we can achieve anything. Or something.

Why are we babbling away about this obscure, annoying and preachy sub-Teenage Mutant Ninja Turtles cartoon? Well because we needed an intro, of course, but also because it occurred to us that if there’s one thing economies should have learned from the downturn, it’s that we’re all in this together.

The UAE has recognized this, sort of, in a proposal to increase its contributions to the IMF. This week the UAE cabinet approved an increase in its share of the International Monetary Fund’s capital; according to WAM, the increase would make the share of the UAE the largest among Arab countries.

This is a positive thing; though the IMF has critics – the harsh terms of its loans have come under fire for undermining healthcare, environmental efforts, and access to food, and some of its interventions have been notably unsuccessful – the aims of the organization are well intentioned. The fund aims to work to stabilize exchange rates, and to be a resource for countries that find themselves with payment imbalances. It exists to strengthen the economies of member countries. It describes itself as “an organization of 187 countries (as of July 2010), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty”. The UAE’s decision to up its contributions is a commitment to that goal, and is deserving of praise.

Not that the move is entirely benevolent, of course. A greater investment is a powerful argument for a greater say in the IMF’s decisions. In October, the Ministers of Finance of the G20 (who control most of the IMF voting shares) agreed to reform the IMF and move around 6 percent of voting shares to major developing nations and emerging markets. The UAE will no doubt be hoping to benefit from such a restructure, though its position within the IMF will remain relative weak – the organization is dominated by the US, Europe, Japan and China (though Saudi Arabia, Canada and Russia are also countries with one of the ten largest voting shares).



Pages: 1 2

0

Tags: , , , , , , , , , , , , , , , , , , ,

Leave a Comment