Washington: 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, before the Development Committee during its 112th meeting, part of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, United States of America. The meeting convened committee ministers and senior officials from international institutions to discuss global economic issues of shared concern.
According to Bahrain News Agency, Shaikh Salman bin Khalifa addressed the structural challenges facing many countries, highlighting the growing demand for jobs among young people and low participation of women in the labor market. He raised concerns about educational poverty potentially creating a generation lacking skills and opportunities, exacerbated by geopolitical instability in various regions.
The minister acknowledged the Kingdom of Bahrain’s appreciation for the role of the United States, led by President Donald Trump, in supporting peace. He commended efforts by the United States and the Arab Republic of Egypt in ensuring the success of the Sharm El Sheikh Peace Summit and recognized the progress towards ending the war in Gaza as a significant step towards regional security and stability.
Shaikh Salman stressed the importance of decent work and dignified living as central to human dignity, emphasizing employment as key to social stability. He praised the World Bank Group’s focus on job creation in its new policy priorities and noted that modern technologies present significant opportunities if integrated wisely into public policies. He called for innovation to support human and economic development rather than create divides.
The role of the private sector as a driver of job creation and growth was underscored, with commendation for the World Bank and the International Finance Corporation (IFC) in mobilizing private capital. Shaikh Salman welcomed the IFC’s initiative to introduce innovative securitization instruments to support developing markets, stressing the importance of enabling emerging economies to access finance and investment.
He advocated for expanding innovative financing and investment models to enhance economic diversification, highlighting the need for sustainable employment opportunities and maintaining social and environmental balance. The minister linked job creation to the availability of stable energy, reiterating countries’ commitment to transitioning towards clean energy in line with Nationally Determined Contributions (NDCs). He emphasized that this transition should be just and considerate of each nation’s circumstances.
The minister called for strengthening the World Bank’s support for advanced energy projects, including natural gas, nuclear energy, and carbon capture technologies to achieve climate goals. He also urged increased financial and technical support from the World Bank to the Palestinian Authority, stressing the need for coordination with international donors to ensure Gaza’s reconstruction success. He concluded by stating that development and peace are interconnected, with humanitarian stability in Gaza being essential for regional peace.