Global financial bodies back ‘Peace for Prosperity’ meet

Global financial bodies have thrown their weight behind the peace conference the Kingdom of Bahrain is co-hosting later this month with the US aimed at helping the Palestinians. The International Monetary Fund (IMF), which has been operating in the West Bank and Gaza since 1995, confirmed it and other institutions would be present in Manama from June 25-26 for the meeting.

“The IMF has been invited to the meeting and expects to attend, along with other international financial institutions,” a representative said. The European Bank for Reconstruction and Development (EBRD) confirmed it would have “someone” representing it. A World Bank spokesman said it had an invitation “and expects to participate”. Dubbed “Peace for Prosperity”, the conference is expected to bring together leaders from several governments, civil society and the business sector.

Lenders and development banks have long played a stabilising role, providing loans, credit guarantees, and policy advice to the Western-backed Palestinian Authority (PA). White House senior adviser Jared Kushner this week concluded a trip to the Middle East and Europe aimed partly at drumming up support for the “Peace for Prosperity” conference intended to unveil the economic part of Trump’s long-heralded peace plan.

Saudi Arabia and the United Arab Emirates assured the Palestinians they would not endorse a US plan that fails to meet their main demands. The Saudi minister of economy and planning will attend, state news agency SPA reported. The UAE Ministry of Foreign Affairs and International Cooperation said Abu Dhabi would also send a delegation. Bahrain’s Minister of Foreign Affairs, Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, said the conference “serves no other purpose” than to help the Palestinian people “through developing their abilities and enhancing their resources”.

The Kingdom “remains supportive of the brotherly Palestinian people in restoring their legitimate rights on their land as well as establishing an independent state with east Jerusalem as its capital,” the minister said in a statement.

Focus on economy

The conference focuses on the economic aspects of the long-delayed US peace plan, with the declared aim of achieving Palestinian prosperity. Shaikh Khalid assured that Bahrain will continue supporting the Palestinian economy, both at the bilateral level and international forums. According to a statement carried by Bahrain News Agency (BNA), “Peace to Prosperity” will facilitate discussions on an ambitious, achievable vision and framework for a prosperous future for the Palestinian people and the region, including enhancements to economic governance, development of human capital, and facilitation of rapid private-sector growth.

“If implemented, this vision has the potential to radically transform lives and put the region on a path toward a brighter future.” US Secretary of the Treasury Steven Mnuchin said he looks forward to “these important discussions about a vision that will offer Palestinians exciting new opportunities to realise their full potential.” “This workshop will engage leaders from across the entire Middle East to promote economic growth and opportunity for the people in this important region,” he said.

In a joint statement with Bahrain, the White House said the gathering will give government, civil and business leaders a chance to rally support for economic initiatives. Jared Kushner, President Donald Trump’s son-in-law and adviser, had been preparing for months to unveil the peace plan. The plan is aimed at providing economic opportunities for the Palestinians. “The Palestinian people, along with all people in the Middle East, deserve a future with dignity and the opportunity to better their lives,” Kushner, said in a statement “Economic progress can only be achieved with a solid economic vision and if the core political issues are resolved.”

Trump’s office said the conference was a “pivotal opportunity... to share ideas, discuss strategies, and galvanise support for potential economic investments and initiatives that could be made possible by a peace agreement”. Separately, State Department spokeswoman Morgan Ortagus confirmed, “We are not anticipating any changes. It’s set for June 25 and 26.”