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Finance Minister Calls for Increased Cooperation to Boost Global Economy

Finance Minister Calls for Increased Cooperation to Boost Global Economy

Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, has extended his gratitude to Morocco for hosting the 2023 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF).

He emphasized the pivotal role played by the WBG in addressing diverse economic challenges that ultimately foster further development and growth for the benefit of the global economy. He commended the WBG’s new vision, which aims to alleviate global poverty and promote prosperity to fulfill social, developmental, and environmental aspirations for the greater good.

Shaikh Salman bin Khalifa made these remarks while delivering the statement on behalf of the Arab Group and the Maldives, represented by the Kingdom of Bahrain, at the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee). This committee meeting was held as a part of the 2023 Annual Meetings of the WBG and the IMF in Marrakech, Morocco.

The Minister underscored the WBG’s pivotal role in devising solutions for challenges encountered in the food and energy sectors. This includes bolstering digital capabilities, safeguarding environmental diversity and nature, and expediting global economic recovery.

He welcomed the increase in the WBG’s financing capacity to meet the developmental needs of nations, thereby supporting their endeavors to achieve sustainable development goals.

Shaikh Salman emphasized the significance of exploring innovative solutions to bolster the economic development process. This involves the optimal utilization of available resources, the development of human capital, and the stimulation of private sector investments. It also entails providing suitable financing for these investments and creating a legislative environment conducive to growth.

He called for an enhancement of cooperation among public and private sectors, multilateral development banks, other international organizations, and civil society groups. Such collaboration would support programs and initiatives aimed at effectively addressing various challenges, including climate change.

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