Finance and National Economy Minister delivers statement on behalf of Arab Group and Maldives before Development Committee
Washington, Oct. 17 (BNA): Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, delivered a statement on behalf of the Arab Group and the Maldives, represented by the Kingdom of Bahrain, before the Development Committee during its 112th meeting, held as part of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, United States of America.
The meeting brought together committee ministers and senior officials from international institutions and organisations to discuss global economic issues of shared concern.
Shaikh Salman bin Khalifa said that many countries around the world are facing structural challenges within their economies that limit development opportunities. He noted that the demand for jobs among young people continues to grow, while women’s participation in the labour market remains low. He added that persistent educational poverty threatens to create a generation lacking skills and opportunities, noting that these challenges have been compounded by geopolitical instability in several regions.
The minister highlighted that the Kingdom of Bahrain valued the role of the United States of America, led by His Excellency President Donald Trump, in supporting peace, and commended the efforts of the United States and the Arab Republic of Egypt in ensuring the success of the Sharm El Sheikh Peace Summit. He said that the progress made towards ending the war in Gaza represents a significant step towards consolidating regional security and stability.
Shaikh Salman emphasised that decent work and dignified living are central to human dignity, adding that employment is the key to achieving social stability. He commended the World Bank Group’s focus on job creation as part of its new policy priorities.
He noted that modern technologies offer significant opportunities when used wisely, warning that failure to integrate them into public policies could marginalise large segments of society. He called for harnessing innovation to serve human and economic development rather than deepen social and economic divides.
The minister also underscored the role of the private sector as the main driver of job creation and growth, commending the efforts of the World Bank and the International Finance Corporation (IFC) in mobilising private capital.
He welcomed the IFC’s initiative to mobilise capital and introduce innovative securitisation instruments to support developing markets, underlining the importance of enabling emerging economies to access finance and investment.
Shaikh Salman called for expanding innovative financing and investment models to enhance economic diversification, noting that genuine growth is that which creates sustainable employment opportunities and maintains social and environmental balance.
He further explained that job creation is closely linked to the availability of stable and financially viable energy. He reiterated the commitment of countries to transition towards clean energy in line with their Nationally Determined Contributions (NDCs) and noted that such a transition must be just and orderly, taking into account each nation’s circumstances and level of development.
The minister called for strengthening the World Bank’s role in supporting advanced energy projects, including natural gas as a transitional clean source, nuclear energy as a sustainable electricity option, and carbon capture, utilisation, and storage (CCUS) technologies to achieve climate goals.
Shaikh Salman also urged increased financial and technical support from the World Bank to the Palestinian Authority, and stressed the importance of coordinating efforts with international donors to ensure the success of Gaza’s reconstruction phase. He highlighted that development and peace are two sides of the same coin, and that humanitarian stability in Gaza is essential for achieving regional peace.
