The International Monetary Fund has welcomed the decision of the United Arab Emirates to come to the rescue of its banks in Dubai , the IMF said in a statement that it is monitoring the situation that took the world market by surprise.The IMF said it look forward to further clarification by the authorities towards a cooperative mechanism to address the issues between these debtors and their creditors. The statement came after the United Arab Emirates decided to give money to its banks struggling in Dubai. Meanwhile, in a news report The New York Times said the UAE central bank's move was an attempt to head off the kind of crisis of confidence that froze credit markets last year and brought the global economy to the brink of failure, threatening everyone from hedge fund billionaires to retirees who had their savings in supposedly safe investments.