Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, confirmed that many countries of the world face structural problems in their economies that affect development opportunities, pointing out that young people’s need for jobs is increasing, while women’s participation in the labor market is still low, adding that the continuation of educational poverty threatens the emergence of an entire generation that lacks skills and opportunities, stressing that these challenges have been exacerbated in light of geopolitical turmoil and lack of… Stability in a number of regions.
This came when the Minister of Finance and National Economy delivered a statement before the Development Committee on behalf of the countries of the Arab Group and the Maldives, which is represented by the Kingdom of Bahrain at the 112th meeting of the Development Committee of the World Bank, within the framework of participation in the annual meetings of the International Monetary Fund and the World Bank Group, held in Washington, United States of America, with the participation of ministers who are members of the committee, and a number of senior officials from international institutions and organizations to discuss economic issues of global concern. The Minister of Finance and National Economy indicated that the Kingdom of Bahrain appreciated the American role, led by His Excellency President Donald Trump, President of the friendly United States of America, in supporting peace, and praised the efforts of the United States of America and the Arab Republic of Egypt in making the Sharm El-Sheikh Peace Summit a success. It also stressed that the efforts achieved to end the war in Gaza represent a step towards consolidating regional security and stability. He stressed that work and decent living are the essence of human dignity, pointing out that jobs are the key to achieving social stability, praising the World Bank Group’s focus on promoting job creation within its new policies.
The Minister of Finance and National Economy warned that modern technologies represent great opportunities if invested wisely, adding that failure to absorb or integrate them into public policies may lead to the marginalization of large numbers of people.
He called for harnessing innovation to serve human and economic development instead of it becoming a factor that exacerbates gaps.
In addition, the Minister of Finance and National Economy stressed that the private sector is the largest driver of job creation and growth, praising the efforts of the World Bank and the International Finance Corporation in stimulating private capital.
He also appreciated the IFC initiative to mobilize capital and launch innovative securitization tools to support developing markets.
He stressed the importance of enabling emerging markets to access financing and investment.
The Minister of Finance and National Economy called for expanding innovative models in financing and investment to enhance economic diversification, considering that real growth is what provides sustainable job opportunities and maintains social and environmental balance.
He also pointed out that job creation is linked to the availability of stable and financially viable energy, stressing countries’ commitment to transitioning to clean energy in accordance with their nationally determined contributions (NDCs). He stressed the need for this transformation to be fair and orderly, taking into account the circumstances of each country and its level of development.
The Minister of Finance and National Economy called for developing the role of the World Bank in supporting advanced energy projects, including: natural gas as a clean transitional source, nuclear energy as a sustainable option for generating electricity, and carbon capture, use and storage (CCUS) technologies to achieve climate goals.
In addition, he called for increasing financial and technical support for the Palestinian Authority from the World Bank. He stressed the coordination of efforts with international donors to ensure the success of the Gaza reconstruction phase, while stressing that development and peace are two sides of the same coin, and that human stability in Gaza is a condition for regional peace.
