Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa has stressed the importance of enhancing co-operation to consolidate global economic recovery.
The World Bank Group is playing an important role in this regard, he said while addressing, on behalf of the Arab Group and The Maldives, represented by Bahrain, the World Bank Group (WBG)’s Development Committee, on the sidelines of the Annual Meetings of the Boards of Governors of the WBG and the International Monetary Fund (IMF).
He highlighted the importance of adopting an integrated, comprehensive and flexible approach that would achieve sustainable development goals, reduce poverty and achieve shared prosperity.
The minister called for finding innovative solutions that would push the development process further and contribute to facing the challenges imposed by the pandemic on developing countries.
Shaikh Salman pointed out that supporting the main drivers of productivity and growth is essential, through expanded investments in individuals, societies and economies, as countries need stronger policies, mechanisms and resources to enhance their resilience and achieve comprehensive growth.
He also called for continuing work to address the negative effects resulting from the novel coronavirus, and to protect health and social systems in small and conflict-affected countries in a manner that would enhance their ability to face the challenges and repercussions of the pandemic.
Equitable
The minister noted the importance of increasing the production of Covid-19 vaccines and ensuring their equitable distribution, in addition to financing all means of treatment and providing high-quality health services.
He urged the World Bank Group to develop a clear action plan that includes setting and activating priorities, reconsidering the needs of developing countries through the exchange of experiences and expertise, and exploring effective solutions to mitigate the effects of debt on those countries and to achieve the optimal use of available resources.
He highlighted the importance of supporting the private sector and strengthening its growth, being one of the engines for achieving economic recovery and enhancing financial stability, in addition to continuing to work on creating new job opportunities, promoting gender equality, as well as supporting youth and educational systems to be stronger and more inclusive.
Shaikh Salman pointed out the importance of spreading the World Bank Group’s operations related to ‘Carbon capture, use, and storage (CCUS)’, a concept approved by Group 20, under the chairmanship of Saudi Arabia, for the circular carbon economy.
The minister stressed the urgent need to achieve an immediate response and expand the scope of long-term investments to achieve desired aspirations and goals.
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