Reforms Imperative for 'Sustainable Economic Development'

Doha, April 18 (QNA) - Structural changes and reforms are imperative for sustainable economic development in the Arab world, leading experts from the region's banking industry urged here Monday, the first of the two-day Arab Banking Conference 2011.
Doha is hosting the annual conference under the theme 'A New Vision for Economic Reforms', organised by the Union of Arab Banks under the patronage of HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani.
Top officials from the banking and financial institutions, central bank governors, representatives from insurance firms, economists and industry experts are mulling key issues towards the objective of creating a platform for Arab financial institutions to present the current implications and developments in the Arab world.
Among the topics under discussion are ways to enhance dialogue between joint industry unions operating under the umbrella of the League of Arab states, how private sector financial institutions need to comply with the recent changes and developments in the Arab region as well creating a new Arab vision for economic reforms within an integrated work environment.
In his address to the gathering of experts, Union of Arab Banks Chairman Adnan Ahmed Yousif said, "The need for new economic reforms is critical particularly when the Arab world is facing historic changes and challenges. We need structural reforms for economic development. We bankers feel such reforms would be good for sustainable development in an environment where the private sector has a part to play in this process."
Economic reforms require comprehensive road map and we are working towards this objective of creating an Arab platform for all key bodies to discuss all reforms and their adoption, said Yousif who is the Chief Executive Officer of Bahrain-based AlBaraka Banking Group.
Reiterating this call, World Union of Arab Bankers Chairman Dr Joseph Torbey said, "Massive changes are taking place in the Arab world. Economic change is part of the process taking place in the region. Structural changes and economic reforms are necessary for equitable distribution of wealth; reducing the gap between the rich and the poor."
A lot needs to be done to achieve judicial reform, social and health welfare of communities and the fight against corruption towards the larger goal of promoting stability and the welfare of the state, Dr. Torbey added.
Bahrain's Ahli United Bank Group CEO and Managing Director Adel Al Labban said, "There can be no economic reforms without integration and accountability."
Al Labban who was won the 'Arab Banker of the Year 2009-10 Award' called to step up the fight against corruption by promulgating stringent measures. He stressed that reforms cannot be achieved without respecting human rights. "The process of reforms in the Arab world should start from within and not from outside forces."
Qatar won praise for weathering the global economic crisis. Highlighting this Yousif said, "Qatar is the only country whose ratings were not lowered during the global crisis due to its strong fundamentals and structure."The conference concludes Tuesday. (END)