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Finance Minister participates in IMF annual virtual meeting

October 22, 2020
finance & economy

Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa participated in the annual virtual meeting held by the International Monetary Fund (IMF), with the participation of Finance Ministers, Central Banks Governors and Heads of financial institutions in the Middle East, North Africa, Afghanistan and Pakistan.

The Minister of Finance and National Economy indicated that the Kingdom of Bahrain has placed the health and safety of citizens and residents as top priority and a major goal while dealing with the coronavirus (COVID-19) pandemic. He stressed the kingdom’s keenness to face all challenges caused by the pandemic in a way that achieves a balance between safeguarding public health and supporting the economy. He pointed out that many precautionary measures have been taken, alongside a set of strategies that helped deal with various challenges at various levels.

The Minister of Finance and National Economy highlighted the procedures taken by the Kingdom of Bahrain to curtail the spread of the virus, protect individuals and companies and support most affected sectors. He underscored the need for international cooperation to overcome the repercussions of the pandemic and achieve the sustainable development goals. He pointed out the importance of embracing a set of policies and procedures to surmount challenges by diversifying sources of revenues, apart from the oil ones, and guaranteeing high expenditure competence on the infrastructure.

The Minister of Finance and National Economy asserted Bahrain’s continuous focus on improving the competence of resources, preserving energy and promoting production, use and investment in renewable energy. He noted that the coronavirus pandemic has demonstrated the need to expand the use of technology and digitization to facilitate access to information and increase educational and work opportunities. He pointed out the Kingdom’s keenness on boosting investment in the digital economy and financial technology in order to achieve forecast goals and aspirations.