Chairman of WABU Says Economic Reforms a Must

Doha , April 18 (QNA) - The Chairman of the World Union for Arab Bankers(WABU) has said that changes in the region represent a "big challenge" to the economic stability of the region.
In his opening address at the inaugurating ceremony of the Arab Banking Conference 2011, Qatar, Chairman Joseph Torbeh said that he is hopeful that banks will play a role in supporting the necessary economic reforms. He added that there should be efforts now towards economic integration as Arab countries have shown that they are united and share similar dreams.
The chairman believes that the bankers must provide help in economic reforms that will focus on catering to people's needs. He said that the nature of the changes are economic at its core and so economy will return to the forefront once again once stability is reached.
He added that regardless of whether recent developments lead to changes of rulers or policies, the developments showed that there is a need for reform in all areas. At the base of them, said the chairman, are political reforms that will lead to a separation in authorities and power. There are also economic reforms that will act as a catalyst in the transformation towards productive economies that have a more just distribution of wealth. Developments occurring now also show a need for social reform, according to Torbeh.
He furhter said that there should be more care for education as well as for narrowing the gap between the social classes noting however that the common goal of all these reforms is reaching and enforcing stability, describing the word as the key for securing Arab countries .
The World Union of Arab Bankers (WUAB) is a non-profit, Non-Governmental Organization established by a group of prominent Arab bankers upon the recommendation and support of the Union of Arab Banks (UAB), following the Annual Arab Banking Summit held on April 27-28, 2006 in Casablanca-Morocco.
The WUAB is registered and domiciliated in Beirut-Lebanon, and enjoys, by virtue of Presidential Decree number 18109, the privileges, immunities and exemptions extended to regional and international organizations operating under the United Nations.(QNA)