Finance minister attends GCC committee meeting

Kuwait, May 14 (BNA): The Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, led the delegation of Bahrain to the 107th meeting of the GCC Financial and Economic Affairs Committee, which was held earlier today in Kuwait, with the participation of GCC member states and the Secretary General. The ministers and heads of the delegation were received by His Highness the Deputy Emir and Crown Prince, Shaikh Nawaf Al-Ahmed Al-Jaber Al Sabah, and His Highness the Prime Minister, Shaikh Jaber Al-Mubarak Al-Hamad Al-Sabah. In his keynote address, the Kuwaiti Minister of Finance, Dr Nayef F. Al Hajraf, stressed the need to fulfil all requirements of the joint endeavour of the GCC members, while providing the appropriate environment for further achievements on the financial and economic levels. A number of scheduled topics and working papers were discussed during the meeting, such as the adoption of the recommendations of the GCC monetary institutions and the central banks governors committee. The recommendations are focused on the creation of a Gulf payments company and a permanent working group for financial sector techniques, along with monitoring the latest developments relating to combating money laundering/terrorist financing in GCC states. Also discussed were the proposals of the Industrial Co-operation Committee to encourage national industries in the GCC, enhance their competitiveness and reduce production costs. The meeting was preceded by the 53rd Meeting of the Committee of Undersecretaries of the GCC Ministries of Finance and Economy.