Bangkok:Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, delivered a statement on behalf of the Arab Group and the Maldives, represented by the Kingdom of Bahrain, at the 114th meeting of the World Bank's Development Committee Plenary. This event took place during the World Bank and International Monetary Fund Annual Meetings in Bangkok, Thailand.
According to Bahrain News Agency, Shaikh Salman highlighted the impact of conflicts and geopolitical tensions on global trade routes, particularly noting the increased transport costs and delays due to insecurity around the Strait of Hormuz and Bab el Mandeb. Despite these challenges, he emphasized the commitment of the countries to promote stability, recovery, resilience, and adaptability, reinforcing their determination and international partnership.
Shaikh Salman stressed the importance of sustainable resilience, suggesting that while traditional safety measures like capital and reserves are vital, resilience should be integrated into every aspect of the economic system. He advocated for economic diversification, robust public finance, secure energy supplies, and investment in citizens to strengthen resilience.
He also underscored the significance of job creation in achieving stability and shared prosperity, especially amidst technological advancements. He urged the World Bank to assist countries in adopting and developing artificial intelligence to remain competitive in a global economy driven by AI, thereby enhancing human capital adaptability.
Highlighting regional cooperation, Shaikh Salman called for the World Bank Group's support in developing cross-border logistics and infrastructure, crucial for boosting productivity and securing supply chains. He also addressed the need for effective private capital flow, urging the expansion of blended finance solutions to attract private investment and enhance capital allocation resilience.
Finally, Shaikh Salman emphasized the role of the World Bank in uniting countries to strengthen the global development agenda and make adaptability an integral part of its design.