Finance minister participates in IMFC, DC meetings

Manama, Apr. 18 (BNA): Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa attended the meetings of the Development Committee (DC) and the International Monetary and Financial Committee (IMFC), held in Washington DC on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) Spring Meetings. In its communiqué, the Development Committee urged the WBG and the IMF to closely monitor substantial downside risks to growth, including weak demand, softening trade, and persistently low oil and commodity prices. It also called for the provision of both policy advice and financial support, in order to achieve sustained, inclusive and diversified growth and resilience. With the forcibly displaced persons crisis significantly impacting both origin and host countries, the committee expected action from the two institutions in this area, in partnership with humanitarian and other actors. Calling for exploring options to develop a long term global crisis response platform, the committee welcomed the Islamic Development Bank, UN and WBG efforts to develop the financing facility for the Middle East and North Africa, and donor commitments to this initiative. The committee also expressed its support for collaboration among Multilateral Development Banks (MDBs) on developing high quality financing for sustainable and growth-oriented infrastructure investments. The private sector role was referred to as critical to achieve development objectives. Meanwhile, the IMFC reinforced its commitment to inclusive, sustainable and more balanced global growth, and called for flexible use of fiscal policy to strengthen growth, job creation, and confidence. In its communiqué, the IMFC said that the IMF had a key role to play in supporting a stronger policy response, and welcomed its continued work in support of the implementation of the 2030 Agenda for Sustainable Development. Source: Ministry of Finance (MoF).