Arab financial institutions crucial for addressing economic, social challenges: Qatari Finance Minister

CAIRO - 22 May 2022: Arab financial institutions play a crucial role in enabling Arab economies to face the economic and social repercussions of multiple shocks, including the war on Gaza, which has resulted in significant casualties and destruction, Minister of Finance of Qatar, Ali Ahmed Al-Kuwari, said.

 

“Recent events, such as the Gaza conflict, COVID-19 pandemic, and European crises, have added to the region's challenges, affecting commodity prices, import costs, exports, and supply chains, leading to higher inflation and tighter monetary policies,” Al-Kuwari added 

 

This came during his speech at the annual meetings of Arab financial institutions and funds, which kicked off on Wednesday in the New Administrative Capital, under the patronage of President Abdel Fattah El-Sisi, and in the presence of MostaAnnfa Madbouly, Prime Minister, and heads of Arab financial institutions and entities, as well as governors and deputy governors of Arab countries at those institutions from various Arab countries, and representatives of international financial institutions.

 

In response to these challenges, Arab financial institutions have supported Arab governments by adopting policies and programs aimed at mitigating the economic impacts, providing necessary funding, technical assistance, and capacity building, he said.

 

According to the Qatari minister, Arab financial institutions have intensified their efforts and quickly responded to economic shocks, helping to support economic recovery and finance vital projects in Arab countries, addressing economic imbalances effectively.

 

He said that despite the varying conditions and reform priorities across Arab countries, there is a shared need to adopt structural reforms aimed at strengthening and diversifying economic structures, enhancing the business environment, increasing productivity and competitiveness, supporting human capital, accelerating digital transformation efforts, and addressing the impacts of climate change.

 

Qatar’s Finance Minister expressed his appreciation to Egypt’s role in supporting Arab issues and the significant achievements it has made at all levels, particularly in economic reforms and infrastructure development, despite the challenges posed by current international and regional developments.