FM calls for strengthened implementation of SDGs

Washington, Oct. 9 (BNA): Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa, hailed the pivotal role the World Bank Group (WBG) can play towards the attainment of the 17 Sustainable Development Goals (SDGs), adopted by world leaders on 25th September 2015, under the official title: "Transforming our World: the 2030 Agenda for Sustainable Development". In his statement to the Development Committee, the minister welcomed the utilization of targeted and flexible interventions to address the diverse challenges of countries experiencing prevalent fragility, conflict and violence. He also acknowledged the WBG’s engagement in assisting countries most vulnerable to climate change, natural disasters and economic shocks. The statement was delivered on behalf of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, United Arab Emirates and Yemen during the 94th meeting of the Development Committee, held in Washington DC on the side-lines of the World Bank and the International Monetary Fund (IMF) Annual Meetings. "We look forward to holistic proposals that will integrate the people agenda, institutional effectiveness and financial sustainability," said the minister, calling for increased concessional financing, innovative lending instruments and dedicated windows for crisis response. Given the fact that the realization of the 2030 Agenda will necessitate resources far beyond the capability of any individual development institution, he found it imperative that the WBG works within the parameters where it has a distinct comparative advantage, while strengthening its coordination with other partners based on their own areas of specialization, in cooperation with the private sector and other key stakeholders. He also argued that partnership among development institutions should not be limited to financing aspects, as it requires strengthened data quality and wider data collection efforts. "Data collection capacity must be developed by working directly with national statistical agencies to ensure collection of reliable and credible data, particularly social and economic indicators." Acknowledging the crucial role of the private sector in global development finance, the Minster expressed full support for the initiative to partner with and mobilize private finance in the design and implementation of development solutions. Further, he welcomed the International Finance Corporation (IFC) shifting towards creating markets rather than the traditional demand driven approach, as this can unlock multiple opportunities for development finance. He also noted that restoring investor confidence and attracting both foreign and domestic investment would be crucial for stable and resilient growth. The Development Committee also payed tribute to the role of the private sector in creating jobs and delivering higher living standards. In its communiqué, the committee said that public policies that improve governance and regulation, make markets more competitive, and increase openness and predictability are prerequisites to higher investment and better development outcomes. The WBG was urged to take a Group-wide approach to help create markets, particularly in the most challenging environments, and to mobilize private resources, including through guarantees, especially for quality infrastructure, and for small and medium enterprises. Showing a prudent assessment for prospects of global economic growth, the committee said that such growth remains sluggish in 2016, with only a modest pick-up expected in 2017. Demand has remained soft despite highly- stimulating monetary policies, and foreign direct investment to developing countries has decreased, hence the call on the WBG and the IMF to work jointly with countries to enhance synergy among monetary, fiscal and structural reform policies, stimulate growth and create more jobs.