IMF Deputy Managing Director Nemat Shafik has issued a statement following the conclusion of a meeting in Riyadh, Saudi Arabia, with the finance ministers and central bank governors of the six-nation Gulf Cooperation Council. In his statement, Mr Shafik praised organisations such as the GCC that bring together countries in a cooperative spirit to discuss and solve mutual problems. Mr Shafik identified GCC countries as pillars of stability in the global oil market at a time when uncertainties are arising elsewhere. Mr Shafik emphasised the need for further fiscal consolidation and highlighted creating jobs for the young and growing working age population in the region as key challenges.