President Shimon Peres and Bank of Israel Governor Stanley Fischer met with International Monetary Fund chief Christine Lagarde at the World Economic Forum in Davos on Friday. The trio discussed the economic situation in the region, in light of the world economic crisis as well as political changes occurring in the area.

Peres told Lagarde that the IMF had a key role in helping many Middle Eastern states extricate themselves from a cycle of poverty. Peres said that the Arab Spring stemmed not only from a desire for political change, but also came about as a result of the difficult economic circumstances of millions living in the region.

Lagarde stated that the whole world must cooperate in order to end the ongoing global financial crisis.

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