Bahrain Finance Minister calls for inclusive economic growth

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Bahrain Finance Minister calls for inclusive economic growth

Bahrain Finance Minister calls for inclusive economic growth

(Washington) – The Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa, called for an integrated approach and synchronized efforts to foster inclusive economic growth, while incorporating environmental sustainability.
He said that the region had the potential for progress and prosperity, and identified some persisting priorities in this regard, such as more diversified economies, employment, social inclusion, enhancing the role of youth and women, and ensuring gender equality.
In his statement to the 93rd Meeting of the Development Committee, held in Washington DC on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) Spring Meetings, the Minister stressed the need to develop a vibrant and dynamic private sector, and reach optimal productivity. Crucial elements here are addressing infrastructure gaps, increasing access to finance and improving the business environment.
The statement was delivered on behalf of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, United Arab Emirates and Yemen.
“Attracting foreign direct investment will be crucial for stabilizing economic growth,” said Shaikh Ahmed in his statement. He urged the WBG and its global financing agencies to continue their work on improving the investment climate in the region, while encouraging economic activities and maintaining financial stability.
On behalf of the Arab Group, the minister highlighted the forcibly displaced people crisis striking the Arab world. Considerable resources should be mobilized to address the development and humanitarian aspects of the crisis, which increases pressure on infrastructure, labour markets, social services and natural resources, among others.
Going forward, the World Bank needs to develop a comprehensive crisis response strategy and mechanism, comprising early warning systems, crisis prevention, preparedness and mitigation, said the minister, adding that development and humanitarian aspects of the crisis are closely correlated.
He concluded his statement by saying that collaboration, solidarity and shared accountability must reinforce and frame the mitigation of this escalating crisis
(Courtesy BNA)