Manama:Gulf Cooperation Council: Shaikh Salman bin Khalifa Al Khalifa, the Finance Minister and Minister of National Economy, presided over a joint meeting with the Ministers of Finance and Governors of Central Banks of the Gulf Cooperation Council (GCC) alongside Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).
According to Bahrain News Agency, Shaikh Salman conveyed greetings from His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, expressing well wishes for the meeting's success. He expressed gratitude to the IMF and GCC Secretariat for their continued cooperation and participation.
The Finance Minister highlighted the resilience of GCC states in the face of Iranian attacks and attempts to disrupt maritime security and international trade. He emphasized the importance of maintaining security and freedom of navigation through key waterways like the Strait of Hormuz and Bab El Mandeb for global trade, energy security, and supply chain continuity.
Shaikh Salman stated that building diversified and interconnected economies is a priority for the GCC amidst global economic challenges. He stressed the need for economic diversification, strong fiscal policies, and investment in infrastructure, trade, energy security, digital connectivity, and human capital.
He pointed out that the economic resilience of GCC states is rooted in regional cooperation, enabling them to handle pressures on trade, logistics, financial systems, and supply chains. He noted that this resilience results from strategic planning.
Shaikh Salman welcomed the IMF's role and contribution to the meeting outcomes, noting that Bahrain's economic diversification has resulted in non-oil activities comprising over 86% of its GDP. This diversification supports growth across key sectors.
He further emphasized the importance of aligning Gulf economies with the visions of GCC leaders, enhancing resilience through economic diversification, and reinforcing fiscal and monetary frameworks. These efforts aim to support sustainable growth and adaptability to future challenges.
Shaikh Salman underscored the significance of GCC cooperation for strengthening economic resilience, enhancing competitiveness, and integrating markets, infrastructure, and financial systems.
He also mentioned the need for GCC states to remain adaptive to advancements in artificial intelligence, which includes investing in digital infrastructure, developing talent, and strengthening frameworks supporting innovation.
Highlighting the role of digital assets in economic transformation, he identified opportunities for improving payment efficiency and capital markets, along with the need for effective oversight to ensure financial stability.
The meeting featured remarks from Jasem Mohamed Al Budaiwi, Secretary General of the GCC, on joint initiatives, and Kristalina Georgieva spoke about the IMF's GCC Economic Surveillance for 2026, discussing fiscal resilience and policy priorities.
Dr. Jihad Azour from the IMF presented on maintaining economic stability and strengthening the GCC's resilience to geopolitical challenges, with discussions focusing on current economic conditions.