REUTERS: JEDDAH - U.S. Treasury Secretary Timothy Geithner said Tuesday aggressive efforts to counter a global financial crisis were starting to work and acknowledged the United States had a special duty to help spur a recovery.
"Given the dollar's role in the international financial system and the significant impact of the U.S. economy on global economic conditions, we fully recognize that the United States has a special responsibility to play," he said in prepared remarks for delivery to the Jeddah Chamber of Commerce.
Geithner, who arrived in Saudi Arabia overnight from London, is aiming to reassure Gulf Arab states that the United States wants their investments and that their U.S. dollar assets are safe. He travels to Abu Dhabi in the United Arab Emirates on Wednesday and will also make a stop in Paris Thursday.
As he did in London, Geithner said the global economy faced severe challenges but sounded a reassuring note about future prospects if "steady, forceful and sustained" support continues until private investment and spending lead a recovery.
"The force of the global recession is receding," Geithner said. "For the first time in several quarters, the IMF (International Monetary Fund) and a range of private analysts are starting to revise up their forecasts for growth in the second half of this year and next." >>> Glenn Somerville | Tuesday, July 14, 2009
