‘Unite to stabilise global economy’

TDT | Manama

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa have stressed the need for co-operation to stabilize the global economy. Speaking in a high-level virtual meeting organized yesterday by the Presidency of the Kingdom of Saudi Arabia of the G20 and the International Monetary Fund (IMF), Shaikh Salman pointed out that intensifying international co-operation and coordination will bring benefits and development to all.

Countries can move forward to tackle the effects and economic repercussions of the coronavirus (COVID-19) pandemic with a unified stand, he said The participation in the “Enhancing Access to Opportunities in the Arab countries” was at the invitation of Saudi Arabia’s Finance Minister Mohammed bin Abdullah Al Jadaan.

The session also addressed the repercussions of the COVID-19 pandemic on the global economy as well as opportunities for economic growth and sustainable development that would contribute to achieving economic recovery in the Arab countries and limiting negative effects on economic sectors.

It also discussed the latest developments related to the next stages by reviewing global experiences in reaching economic growth and steering the economy towards more flexibility and comprehensiveness to achieve the full recovery of the global economic system.

The role of international and regional financial institutions in supporting efforts by states to enhance the possibility of providing better economic opportunities and overcoming the challenges they face was also discussed. The aim of the discussion was to enhance access to these opportunities by focusing on several major topics, including interest in finance, infrastructure, social services, employment, and education.

The session reviewed the action plan that will reflect the commitment to an immediate financial response and taking all necessary measures to ensure that it is achieved for the benefit and prosperity of all. It also discussed policies that will contribute to the recovery of the global economy and support the sectors most affected through innovative solutions to support global trade and encourage greater investment. This event included finance ministers, central bank governors from Arab countries, heads of international and regional financial institutions, and prominent specialists in business and economy.

The minister pointed out that Bahrain has made the health and safety of citizens and residents a top priority and has been keen to counter the effects of the pandemic in a way that achieves a balance between ensuring public health for all and supporting the national economy.

Shaikh Salman stressed that the government took several precautionary and proactive measures to stimulate the national economy and cushion the economic impacts resulting from the spread of the coronavirus by launching a financial and economic stimulus package.

The package consisted of more than 20 initiatives with a value of more than $11 billion, aimed at injecting liquidity into the local markets and supporting various economic sectors affected by the virus to assist citizens and business owners.