Human development key to economic growth: Bahrain Finance Minister

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Investing in human resources is key to further development and spurring economic growth, said Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa.

He stressed the need to build productive economies and continue sustained development efforts towards achieving further development and growth in various fields.

The minister was addressing the Seventh Annual Forum of Public Finance in the Arab Countries, which is held in Dubai, the UAE. UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini opened the forum, being held in cooperation with the Arab Monetary Fund and the International Monetary Fund.

Arab Monetary Fund Director General and Chairman of the Board of Directors Dr Abdulrahman bin Abdullah Al Hamidi, IMF Director General Christina Georgieva, Arab finance ministers and central bank governors attended.

He said that the forum provides an opportunity to discuss ways to enhance financial sustainability and economic stability, adopt appropriate policies to enhance management of public debt, including the development and rationalisation of government spending procedures to ensure efficient spending, strengthen public revenue policies, and bolster partnerships with the private sector, for the benefit and development of Arab countries.

Commitment

Shaikh Salman highlighted the Government’s commitment, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to enhance its performance in accordance with best international practices.

He stressed the importance of summits and forums that bring together elites, government leaders, officials and decision-makers from different countries of the world to exchange practices and models of effective government practices, which in turn will contribute to achieving goals set out.

The Minister stressed the importance of developing innovative solutions and providing adequate funding to build and invest in national capacities, adopting green technologies, and increasing energy efficiency to meet climate challenges.

He noted the IMF’s pivotal role important role, along with financial institutions, in supporting efforts to confront climate change and achieve the desired economic growth, by adopting best practices and aligning them with sustainable financing goals that fall within the framework of policies followed by countries.