Bahrain FM calls for policies aimed at boosting growth, recovery

Manama : The Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, said that the global economy continues on the path of a gradual recovery amidst the background of slowing economic growth, trade, and investment. Hence the need to foster a coordinated, comprehensive, and well-communicated policy mix, aimed at sustaining the recovery, managing downside risks, and increasing growth. 

In his statement to the Development Committee, the Minister expressed support for the proactive and collaborative approach of the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) in creating markets and fostering private sector development, which are key components of development and growth.

The statement was delivered on behalf of the Arab Group and Maldives to the 96th meeting of the committee, held in Washington, D.C. on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) annual meetings.

In order to package large transformational projects and overcome capacity constraints of individual entities, the Minister called for uniting development partners, donors, international financial institutions and private investors, leveraging the comparative advantage and various products of each stakeholder.

He also stressed that Domestic Resource Mobilization (DRM) was at the core of financing for development, and said that adequate financing and quality technical assistance from the WBG could play a contributory role in supporting country-owned initiatives aimed at enabling private-sector led growth, sustainable job creation and shared prosperity.