Held by the Saudi Presidency of the G20 and the International...

Held by the Saudi Presidency of the G20 and the International...
Held by the Saudi Presidency of the G20 and the International...

Manama, September 30 (BNA): His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, participated in the high-level virtual meeting held by the Presidency of the Kingdom of Saudi Arabia of the G20 and the International Monetary Fund (IMF), at the invitation of His Excellency Mr. Mohammed bin Abdullah Al-Jadaan, Minister of Finance in the Kingdom Sisterly Saudi Arabia on “Enhancing Opportunities in the Arab Countries”.

His Excellency the Minister of Finance and National Economy, during his participation today in the session “Enhancing the availability of opportunities to support economic recovery in the Arab countries”, stressed the need to intensify international efforts through joint cooperation and coordination and move forward to face the effects and economic repercussions caused by the pandemic in order to achieve stability for the global economy and bring benefits and development. Everyone, pointing out that the Kingdom of Bahrain has made the health and safety of citizens and residents a top priority during dealing with the Coronavirus (Covid-19) pandemic, and has taken care to face all the challenges caused by the pandemic in a way that achieves a balance between public health for all and supporting the national economy.

His Excellency the Minister of Finance and National Economy noted that the government of the Kingdom of Bahrain has taken a set of precautionary and proactive measures to stimulate the national economy and limit the economic impacts resulting from the spread of the Coronavirus (Covid-19), by launching a financial and economic package consisting of more than 20 initiatives with a value of more than 11 One billion US dollars, aimed at injecting liquidity into the local markets and supporting the various economic sectors affected by the virus for the benefit of citizens and business owners, and the most prominent initiative of the package was the payment of salaries of Bahraini citizens in the private sector in full during the first three months of the pandemic while continuing to provide them with support 50% during the following months, indicating that the financial and economic package has expanded for more than 6 months since its inception, which contributed to supporting the growth of the private sector and boosting economic growth in the Kingdom.

His Excellency affirmed that the Kingdom of Bahrain sought to secure the sustainability of its national economy by providing a strong infrastructure for information and communication technology, strengthening its components, providing it with advanced facilities and legislation, and harnessing technology and modern technologies in various financial services and economic sectors to continue achieving economic growth.

His Excellency also noted that the emerging events of the Coronavirus (Covid-19) pandemic have greatly affected the global economy, which requires an immediate response to all plans and initiatives that would contribute to achieving financial sustainability and reducing global economic challenges.

During the session, the repercussions of the Coronavirus (Covid-19) pandemic and its repercussions on the global economy were discussed, as well as access opportunities for economic growth and sustainable development that would contribute to achieving economic recovery in Arab countries and limiting the negative effects on economic sectors. The next stage by reviewing the experiences learned from global experiences in reaching economic growth and pushing the economy’s wheel towards more flexibility and comprehensiveness to achieve a full recovery of the global economic system.

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

The session dealt with the action plan that will reflect the commitment to achieving an immediate financial response and taking all necessary measures to ensure its achievement, which will benefit and prosperity for all, in addition to discussing a set of policies that will contribute to the recovery of the global economy and support the most affected sectors through finding a set of innovative solutions. To support global trade and encourage greater investment.

It is worth noting that the high-level meeting was held with the participation of a number of finance ministers and central bank governors from Arab countries, heads of international and regional financial institutions, in addition to a number of prominent specialists in the economic sector.

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