HE the Minister of Finance delivers statement during the 100th meeting of the WBG’s Development Committee

Washington, Oct. 19 (BNA): The Minister of Finance and National Economy, HE Shaikh Salman bin Khalifa Al Khalifa, today delivered a statement on behalf of the Arab group and the Maldives at the 100th meeting of the Development Committee, on the sidelines of the Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, D.C. HE Shaikh Salman highlighted the importance of job creation in order to achieve the WBG’s goals of ending poverty and promoting shared prosperity, adding that job creation is vital to the success of any social and economic program aimed at achieving comprehensive development. HE Shaikh Salman welcomed the WBG’s Jobs and Economic Transformation (JET) initiative, noting the importance of aligning its concepts with efforts to further develop the business environment, bridge infrastructural gaps, and lay the foundations of private sector investments through the modernisation of legislation. HE the minister also stressed the importance of supporting private investment in education in order to provide quality opportunities, especially for women and young people. HE the Minister went on to highlight that the JET initiative could play a positive role in transforming the development of the MENA region by improving job creation and helping to alleviate youth unemployment, which is at its highest level in two decades. In this regard, HE Shaikh Salman noted that various studies show that the MENA region will need to create nearly 300 million jobs by 2050 in order to meet demographic pressures, stressing the importance of promoting vocational education, training and lifelong learning. On behalf of the Arab group and the Maldives, HE Shaikh Salman welcomed WBG’s support for the job creation agenda, highlighting the WBG’s ambitious new approach and developed policies intended to create millions of quality opportunities for the region’s young people. HE Shaikh Salman stressed that the region is in need of a comprehensive strategy to further develop its markets through policy reform, strengthening of institutions, and investment mobilisation in order to create quality jobs and prosperity for all. HE Shaikh Salman added that comprehensive development is not in itself sufficient to create jobs, noting that equal opportunity, limiting restrictions on labour mobility, and increasing investments in the health and education sectors are also important for regional growth. Later, the Development Committee highlighted that the growth of the world economy is still unbalanced and vulnerable to risks that have recently intensified. The Committee further highlighted the vital role of Global Value Chains (GVCs) and world trade in supporting economic development, creating jobs, and promoting sustainable development. In this regard, the Committee called on all member states to implement policies that ensure inclusive economic growth, reduce economic risks, enhance competitiveness and further strengthen financial stability. Furthermore, the Committee noted the importance of investing in human capital to ensure that all individuals are equipped with the skills and abilities to adapt to advancements in technology. The committee also noted the importance of the Human Capital Index in the creation of policies and decision making, calling for its development as a credible measurement tool that reflects the actual situation of a country, for the benefit of all.