Finance Minister urges post-2015 MDGs acceleration

Manama, Oct. 11 (BNA): Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa attended the meetings of the Development Committee and the International Monetary and Financial Committee (IMFC), in Lima, Peru, on the sidelines of the World Bank Group (WBG) and the International Monetary Fund (IMF) Annual Meetings. In his statement to the Development Committee, the minister called for accelerated implementation of Post-2015 Development Agenda while building upon the progress and strengths of the Millennium Development Goals (MDGs). The statement was delivered on behalf of Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates and Yemen, The minister commended the incredible efforts exerted by the Middle East and North Africa (MENA) region in proceeding with the economic development efforts despite tremendous challenges. He welcomed the WBG strategy for the MENA region, which involves capacity building and regional integration, calling for further support in implementing reforms while ensuring adequate financing and quality technical assistance. He argued that the WBG needs to support ongoing efforts of MENA countries on both domestic resource mobilization and public financial management. Enhancing the financial sector in the region will be necessary to attract private capital. The Bank can support improvement of the business environment, enhancing access to finance and promotion of SMEs. Multilateral Development Banks (MDBs) should explore innovative financing mechanisms, such as Islamic Finance, that aim to support long-term investments. The minister believed it is crucial that the International Finance Corporation (IFC) continues its support to investment activities in developing countries. Restoring investor confidence and attracting foreign direct investment will be instrumental for stable economic growth, especially for countries that are experiencing substantial economic and political transitions.