Finance Minister: World Bank capable of mitigating coronavirus social, economic impacts

Manama, Apr. 17 (BNA): Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, has lauded the interest of the World Bank Group in combating the novel coronavirus (COVID-19), as well as the World Bank’s swift response and provision of US$14 billion to support countries in implementing their precautionary and preventive measures to curb COVID-19 spread, stressing the importance of international cooperation in countering the repercussions of the virus and mitigating its negative impacts. The minister was speaking while delivering a statement on behalf of the Arab and Maldives Group countries, represented by Bahrain, within his participation in the virtual meeting of the “Development Committee”, held today on the sidelines of the Spring Meeting of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF). The Minister pointed out that the WBG is capable of playing an influential role in reducing the social and economic effects resulting from COVID-19, through developing policies to restore the pace of robust and comprehensive global economic growth. Shaikh Salman bin Khalifa urged the World Bank to deepen its analysis of the social and economic impacts of the virus, while providing directives to determine the spending priorities and the appropriate policies to be implemented during the coming period to ensure the achievement of sustainable development. The Finance Minister also said that the Arab Group welcomed the call to reduce the debt burden on low-income countries and to continue implementing the multi-dimensional approach followed by the World Bank within the framework of its wok with borrowers and creditors, including helping countries to improve public debt management capabilities, increase debt transparency and enhance financial sustainability, especially for countries in regions with fragile situations, and are affected by political conflicts. On the other hand, the “Development Committee" indicated, in its communiqué, the importance of implementing directed substantive measures at the level of public finance, monetary policy and financial markets to support affected individuals and businesses as quickly as possible, so as to contribute to supporting and strengthening the economic system, as well as enabling the economic sectors to gradually recover from the pandemic impacts. The Development Committee also called on the World Bank Group and the International Monetary Fund to continue supporting the development process to confront the virus and mitigate its health, social and economic impacts in various parts of the world, stressing the importance of continuing work to protect financial stability to ensure sustained global economy.