Finance Minister participates in World Bank Group President's meeting

Manama, Oct. 8 (BNA): Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa participated today in the meeting of President of the World Bank Group, David R. Malpass, with the Arab Ministers of Finance and Central Banks Governors. The virtual meeting was held to discuss the repercussions of the coronavirus pandemic (COVID-19) on the economies of the Arab countries. Shaikh Salman bin Khalifa Al Khalifa delivered the main speech, on behalf of the Council of Arab Finance Ministers, in which he hailed the World Bank Group’s support to the efforts being exerted in combating the coronavirus (COVID-19). He praised the rapid response and provision of developing countries with emergency aid to back the preemptive measures to curtail the spread of the virus. He stressed the importance of synergized international efforts to weather the repercussions of the virus on the economic sector. The Minister of Finance and National Economy pointed out the need to continue supporting the efforts of the Arab countries and organisations to restore the pace of their comprehensive economic growth by mapping out appropriate policies and strategies during the coming period to achieve the sustainable development goals and ensure a rapid digital transformation in the region. 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, gave a welcome speech at the outset of the meeting in which he welcomed the World Bank Group President as well as the Arab Ministers of Finance and Central Banks Governors. The attendees of the meeting praised the initiatives of the World Bank Group and its cooperation with the governments to handle the repercussions of the pandemic and reinvigorate the economy. They also 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 so as to boost projects, maintain 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 the economic infrastructure by broadening the scope of services and providing them in digital models.