Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, has stressed the importance of enhancing international cooperation, moving towards reaching economic recovery and consolidating the desired fiscal stability, in a way that would contribute to achieving sustainable development goals, supporting economic development, which will benefit everyone, lauding the major role played by the World Bank Group.
The minister was speaking while addressing, on behalf of the Arab Group and The Maldives, represented by Bahrain, the World Bank Group (WBG)’s Development Committee, on the sidelines of the Annual Meetings of the Boards of Governors of the WBG and the International Monetary Fund (IMF).
He highlighted the importance of adopting an integrated, comprehensive and flexible approach that would achieve sustainable development goals, reduce poverty and achieve shared prosperity, calling for finding innovative solutions that would push the development process further and contribute to facing the challenges imposed by the pandemic on developing countries.
He pointed out that supporting the main drivers of productivity and growth is essential, through expanded investments in individuals, societies and economies, as countries need stronger policies, mechanisms and resources to enhance their resilience and achieve comprehensive growth.
Shaikh Salman bin Khalifa Al Khalifa also called for continuing work to address the negative effects resulting from the novel Coronavirus (COVID-19), and to protect health and social systems in small and conflict-affected countries, in a manner that would enhance their ability to face the challenges and repercussions of the pandemic, noting the importance of increasing the production of COVID-19 vaccines and ensuring their equitable distribution, in addition to financing all means of treatment and providing high-quality health services.
The Minister of Finance and National Economy also urged the World Bank Group to develop a clear action plan that includes setting and activating priorities, reconsidering the needs of developing countries through the exchange of experiences and expertise, and exploring effective solutions to mitigate the effects of debt on those countries and to achieve the optimal use of available resources.
He also highlighted the importance of supporting the private sector and strengthening its growth, being one of the engines for achieving economic recovery and enhancing financial stability, in addition to continuing to work on creating new job opportunities, promoting gender equality, as well as supporting youth and educational systems to be stronger and more inclusive.
On the other hand, the minister pointed out the importance of spreading the World Bank Group’s operations related to Carbon capture, use, and storage (CCUS), a concept approved by Group 20, under the chairmanship of Saudi Arabia, for the circular carbon economy.
Shaikh Salman bin Khalifa Al Khalifa stressed that as part of the role of international financial institutions to face the current circumstances, there is an urgent need to achieve an immediate response and expand the scope of long-term investments in a way that contributes to achieving the desired aspirations and goals.
Source: Bahrain News Agency