Map policies to boost Arab growth, FM tells World Bank

TDT | Manama

Bahrain’s Finance Minister yesterday called on tinue supporting the efforts of Arab countries to restore the pace of their comprehensive economic growth.

For this, the minister urged the top bank to map appropriate policies and strategies good enought “to achieve sustainable development goals and ensure a rapid digital transformation in the region.”

Shaikh Salman bin Khalifa Al Khalifa was taking part in a virtual meeting with the President of the World Bank Group, David R. Malpass, Arab Ministers of Finance, and Central Banks Governors.

The virtual meeting discussed the repercussions of the coronavirus pandemic (COVID-19) on the economies of the Arab countries.

Shaikh Salman, on behalf of the Council of Arab Finance Ministers, hailed World Bank Group’s support for combating the coronavirus (COVID-19) pandemic, while stressing the importance of synergised international efforts to weather the repercussions of the virus on the economic sector.

He voiced the aspiration of the Council of Arab Finance Ministers to continue funding Infrastructure projects in developing countries and boosting the private sector’s participation in this regard.

The UAE Minister of State for Financial Affairs, Obaid Hamid Al Tayer, welcomed the World Bank Group President as well as the Arab Ministers of Finance and Central Banks Governors.

The attendees underlined the need to continue supporting all initiatives to provide concessional financing to countries eligible for borrowing, and developing countries exposed to debt.

The meeting cast light on innovative solutions to back the private sector as well as small and medium enterprises to boost projects, maintain the stability of the local market and protect jobs.

It also spotlighted the importance of using innovative financial technology to speed up financial growth and enhance economic infrastructure.