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Volume :5 Issue : 2 1977      Add To Cart                                                                    Download

PROBLEMS IN FINANCING ECONOMIC GROWTH

Auther : A. R. Salman

 

The paper deals with, and brings out, to critical discussion some of the measures which are suggested to safeguard and ensure the purchasing power of the (already received) oil revenue.

Tow main measures are discussed under this leading:

1-                  That which is affected from the employment of some key currencies, such as the dollar, as the unit of account, for calculating the revenue, and for the payment of oil. It is suggested that because of the fragrant charge in rate of exchange of these currencies during the last decade or so; another unit of account, with a more or less, fixed rate of exchange, should be employed for this purpose, such has the SDR, or similar unit.

2-                  The other measure which is suggested is that which safeguard against the rise in the prices of the imported manufactured goods. An indexation or a link between the rise of these prices and the price of oil should be maintained.

The paper also deals with the necessity of manufacturing the Crude oil by the (OPEC) instead of exporting it as such. This measure ought to increase the income received for each quantity of oil.

It is also, suggested that the Arab countries should provide and be self-sufficient in agricultural products needed for their consumption.

By so doing, they can divert the financial resources which previously were spent or imported food, to economic development and growth.

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