Khaled Ibrahim Humaidan, Governor of the Central Bank of Bahrain, participated in the annual meeting of finance ministers and central bank governors of the countries of the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region, which was held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group, in the American capital, Washington, in the presence of Ms. Kristalina Georgieva, Director General of the International Monetary Fund.
During the meeting, Khaled Ibrahim Humaidan reviewed the most prominent characteristics of economic diversification in the Kingdom of Bahrain, and the growing role of the private sector as an active partner in the construction and development process, which now contributes more than 84% of the gross domestic product. He also highlighted the growing importance of the financial services sector as the largest contributor to the Kingdom’s national economy, contributing about 17% of the GDP since 2022.
The Governor of the Central Bank of Bahrain also emphasized the Kingdom of Bahrain’s leadership in the field of digital payments, and progress in the infrastructure for instant payments, which contributes to enhancing financial inclusion and supporting financing for small and medium-sized companies, in addition to enhancing wage protection and sustaining growth, noting that these digital developments, supported by a strong partnership between the public and private sectors, contribute to enhancing access to credit and supporting small businesses.
In conclusion, His Excellency expressed his sincere appreciation for the International Monetary Fund’s continued support in various fields, especially in the areas of deposit insurance, crisis prevention, and external sector statistics, stressing the importance of harnessing digital transformation to enhance financial stability, consumer protection, and the safety of the financial system.
