Finance Minister participates in WBG, IMF meetings

Manama, Oct. 18 (BNA): Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, today took part in the Ministerial Meeting of the World Bank Group (WBG), held on the sidelines of the Annual Meetings of the Boards of Governors of the WBG and the International Monetary Fund (IMF). Attended by the World Bank Group President, David R. Malpass, and the Arab countries' finance ministers and central bank governors, the virtual meeting discussed the latest developments regarding the repercussions of the novel Coronavirus (COVID-19) pandemic, and their impact on the economies of Arab countries. Addressing the virtual meeting, the Minister of Finance stressed that the challenges posed by pandemic proved the importance of investing in the human element to be the main focus of development strategies and plans as it is a basic pillar and the key to success that will benefit everyone. In this regard, the minister indicated that in line with the directives of His Majesty King Hamad bin Isa Al Khalifa, the Kingdom has launched many initiatives in this field, especially those related to empowering youth and enhancing their effective contribution to development paths, in addition to a number of programmes that have increased women's contributions and progress across various fields. Shaikh Salman bin Khalifa stressed that the Kingdom attaches great importance to supporting and developing skills and training for individuals, making the Bahraini workforce more diversified and involved in the labour market, adding that the Bahraini human resources have become one of the elements of investment attraction thanks to their innovative spirit, capabilities and skills that qualify them to succeed in various fields of work. The minister pointed out that the results that showed the beginning of economic recovery are the outcome of the success of national efforts in addressing the pandemic, noting that combating the virus and the recovery phase require stepping up international cooperation to ensure support for countries in overcoming the effects of the pandemic. The Finance Minister commended the crucial role played by the World Bank Group, and the results it has achieved in mitigating the economic and social repercussions caused by COVID-19 on countries all over the world. Finance and National Economy Minister also took part in the annual meeting held by the International Monetary Fund (IMF) remotely, in the presence of IMF Managing Director, Kristalina Georgieva, and with the participation of finance ministers, central bank governors and heads of regional financial institutions for the Middle East, North Africa, Afghanistan and Pakistan (MENAP).