Finance and National Economy Ministry Under-Secretary of Financial Affairs Yusuf Abdulla Al Humood headed Bahrain’s delegation taking part in the joint annual meetings of Arab financial institutions, held in Kuwait.
The meetings included the board of governors of the Arab Fund for Economic and Social Development, the board of shareholders of the Arab Investment and Export Credit Guarantee Corporation (Dhaman), the board of governors of the Arab Monetary Fund (AMF), the board of governors of the Arab Bank for Economic Development in Africa (BADEA), the board of governors of the Arab Authority for Agricultural Investment and Development (AAAID), the supervisory board of the BADER Fund, and the Council of Arab Finance Ministers.
The Under-Secretary reviewed Bahrain’s experience in digital transformation in public finance. He underscored Bahrain’s progress towards comprehensive digital transformation in public financial management, intending to enhance the quality of government services and strengthen fiscal sustainability.
Mr Al Humood noted that the kingdom has implemented several strategic initiatives to improve the management of public financial resources.
The Under-Secretary added that these initiatives include the launch of shared financial services, the centralisation of procurement procedures, the automation of budget preparation and execution, and the adoption of advanced technologies that enable a fully digital budgeting process.
The meetings also discussed various financial and economic topics that contribute to advancing Arab joint action and fostering new opportunities for financial, economic, and development co-operation among Arab countries.
The sessions further reviewed the achievements of Arab financial institutions over the past year and their contributions to supporting joint Arab efforts, in addition to addressing recent economic and financial developments in the region.
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