Finance Minister participates in GCC, IMF meetings
Manama, Oct. 25 (BNA): Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa has participated in the 112th meeting of the GCC Financial and Economic Cooperation Committee and the joint meeting of the GCC Ministers of Finance and Governors of monetary institutions and Central Banks with Director General of the International Monetary Fund (IMF). The two meetings convened today remotely with the participation of the GCC Ministers of Finance and Secretary General Dr. Nayef Falah Al Hajraf.
The ministers extended condolences to the Kuwaiti and Gulf people as well as the Arab and Islamic nations on the demise of late Kuwaiti Amir Shaikh Sabah Al Ahmed Al Jaber Al Sabah, lauding his efforts and support to promoting joint GCC work. They also extended congratulations to Shaikh Nawaf Al Ahmed Al Jaber Al Sabah on his inauguration as the Emir of Kuwait.
The meeting of the Financial and Economic Cooperation Committee shed light on the preventive measures carried out by the GCC countries to curtail the spread of coronavirus (COVID-19). Discussions also focused on ways of boosting financial stability and supporting the economies of the GCC member states amid the exceptional circumstances. The participants in the meeting also reviewed promoting GCC work in the post-pandemic period by implementing projects of top priority, boosting non-oil revenues, diversifying the economy and backing the commercial and investment companies.
The meeting also cast light on financial and economic cooperation as well as progress of the economic unity programme among the GCC member states. The committee endorsed the recommendations and decisions of related committees including the committee of governors of the GCC monetary establishments and central banks, the GCC Customs Union Authority, the committee of Heads and Directors of the GCC taxation directorates and the Joint Gulf Market Committee.
Meanwhile, the second meeting with the IMF Director General spotlighted a work paper by IMF on the economic prospects and political challenges in the GCC countries. Discussions focused on the impact of the coronavirus pandemic, the decrease in oil prices and continuation of the necessary health procedures as a top priority to contain the pandemic. The attendees of the meeting also discussed the GCC member states’ continuous financial and structural reforms in the medium and long run to boost financial sustainability and comprehensive growth.
