Finance minister stresses Arab economic challenges

Manama, Apr. 5 (BNA): The annual joint meeting of the Arab financial institutions opened today in Bahrain under the auspices of His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa. Finance Minister Shaikh Ahmed bin Mohammed Al-Khalifa extended deepest thanks to HRH the Premier for patronising the key pan-Arab meeting. Addressing the opening session, he stressed Bahrain's pride at hosted the annual joint meeting of the Arab financial institutions for the first time ever. The minister stressed the crucial importance of the pan-Arab session which brings together high-profile decision-makers, senior officials and financial and investment experts. He underlined the instrumental role of financial institutions which represent a cornerstone of social and economic development in Arab countries and an essential factor of joint Arab economic cooperation. The minister commended the strenuous efforts exerted by financial institutions to spearhead Arab economic growth over the past years and decades, stressing growing development needs in the Arab countries. He stressed Arab countries' economic reform strides, highlighting particularly the drive of oil-exporting countries. Faced with plummeting prices in international oil markets, they embarked on structural financial reforms to diversify economic strategies and boost non-oil revenues. . He underscored the current challenges facing the Arab countries due the global economic downturn and declining trade exchanges which affect economic stability on Arab countries. The minister highlighted Bahrain's strenuous efforts to revitalize the national economy, achieve satisfactory positive rates of growth and reduce unemployment over the past years. He said that Bahrain anticipated the current trends and embarked long ago on a policy to diversify the national economy and boost the non-oil revenues. He stressed in this regard mega projects which covered the sectors of aluminum, petrochemicals, seaports, logistic services and telecommunications, in addition to financial and banking services. He stressed the role of streamlined legislations in encouraging investments and revitalizing the national economy, highlighting the Government's strenuous efforts to develop human resources.