HE Premier Stresses Need of Treatment of Unemployment Problem in Arab World

Doha, September 15 (QNA) - HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani stressed that the developments in some Arab countries since the beginning of the year reflected the need of a radical and more comprehensive treatment to the problem of unemployment, which requires review of development policies to meet labor markets needs of new jobs.
In a speech delivered on his behalf by HE Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saud Al Thani at the opening of the 35th session of the council of governors of Arab central banks and monetary agencies, HE the Prime Minister and Foreign Minister said that meeting labor markets needs of jobs cannot be made by conventional means, but by pursuing multi-faceted strategies and policies in the short and medium term, and by implementing further reforms that would remove the imbalance in our economic systems.
He stressed that the priorities in the short term is to address the problems of emergency social justice, and at the same time to maintain the overall economic and financial stability, while the priorities in the medium term depend on aspects of multiple trends and economic policies.
HE Sheikh Hamad bin Jassim bin Jabor Al Thani, hailed the prior coordination steps taken by the governors of Arab central banks to serve our Arab societies, adding that the Doha meeting today acquires additional significance in the face of the challenges created by the rapid developments in the Arab world as well as the consequences of the global financial crisis over the past three years.
He pointed out that Qatar is working to improve the Qatari economy and achieve the desired goals as stipulated in the Qatar National Vision 2030.
Despite the huge investments planned in the coming period, the general budget is expected to continue to achieve a surplus in the coming years by 5.7% of gross domestic product, HE the Prime Minister said.
He also noted to the important role played by the central banks in the economies of Arab countries, which required more effort to coordinate and unify positions in order to achieve the aspire of the sustainable development of the Arab peoples and to achieve as well the required balance between the economic growth on one hand and the financial stability on the other hand.
For his part, Dr. Jassim Al Mannai, Director General and Chairman of the Board of the Arab Monetary Fund (AMF) said the regional and international political and economic latest developments had a great impact over the Arab countries at the economic and financial levels.
He expected that theses repercussions may take some time before achieving full economic recovery in the concerned countries, saying that various indicators predict a decline of growth rates for the next period as a result of capital flight, the reluctance of foreign investors and the continued pressure on their national currency's value.
Dr. Al Mannai urged the international community to contribute in alleviating the challenges faced by these countries, hailing the initiatives taken by the State of Qatar and the Kingdom of Saudi Arabia in this regard.
The debt crisis enveloping the Eurozone is a serious and immediate threat to the economies of the Arab countries, he said, noting its impact on oil market stability and the global financial markets.
In this context, the AMF Chairman called for implementing an economic strategy based on geographical diversification of the Arab world's foreign economic relations in a bid to reduce dependency on oil revenues.
This meeting represents a valuable opportunity to discuss a number of major local, regional and international challenges and achieve the appropriate solutions that would preserve the interests of the Arab economy, ensures its ability to overcome obstacles and promote the importance of joint action, Dr. Al Mannai said.
The 35th regular session of the council of governors of Arab central banks and monetary agencies will review the Joint Arab economic report for 2011, which is drafted in coordination with Arab League, Arab Fund for Economic and Social Development, and Organization of Arab Petroleum Exporting Countries (OAPEC).
As part of exchange of expertise, the Board of Governors of the Council of GCC Central Banks (QCB) and Monetary Agencies would review a paper presented by Qatar Central Bank. The paper is on the theme of QCB monetary policies vis a vis the global economic crisis.
There would also be a paper presented by the Governor of the central bank of Tunisia on ways to deal with the ramifications of the recent revolution.