Bahrain Finance Minister appointed chair of World Bank, IMF Development Committee
Shaikh Ahmed awarded "Finance Minsiter of the Year"
News from annual meetings of World Bank Group and IMF
06 October 2009, Manama: The World Bank / International Monetary Fund (IMF) has appointed Shaikh Ahmed bin Mohammed Al Khalifa, Bahrain’s Minister of Finance, the new Chairman of its prestigious Development Committee. The role is central to the forum’s facilitation of intergovernmental consensus-building on critical issues, including the financial resources required to promote economic development in developing countries.
The announcement comes from the Annual Meetings of the World Bank Group and IMF in Istanbul, Turkey (6-7 October), where Shaikh Ahmed was earlier this week named ‘Finance Minister of the Year’ for the Middle East and North Africa (MENA) region. The annual award from Emerging Markets, the newspaper of record for the event, recognises Shaikh Ahmed’s dedication to reform, prudent fiscal policy and efficient and transparent decision making which has boosted market confidence at a crucial time.
The accolades reflect the international community’s acknowledgment of Bahrain as a well-managed economic hub – and of the wider achievements of the Gulf and Middle East and North Africa (MENA) region, according to Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB).
“In Bahrain, Shaikh Ahmed’s commitment to strong financial regulation and prudent investment in the economy has continued to attract foreign investment and further diversification of the economy – already recognised as the most diversified in the Gulf. But our ambition is to contribute to the growth of the Gulf and MENA as a whole. And we have a point of view that needs to be heard on significant global issues.
“We have long been saying that global bodies should reflect the achievements of the trillion dollar Gulf and MENA alongside the rising powers of China and India. Just last week the IMF raised its 2010 forecast for the region to 4.2 percent, increasing to 4.8 percent by 2014 – further evidence of the region’s strength and its vital role in relaunching global growth. Shaikh Ahmed’s appointment as Chair to the Development Committee recognises not just Bahrain’s strengths but the rightful place of the Middle East in the new global economic architecture.”
Shaikh Ahmed, formerly the governor of the Central Bank of Bahrain (CBB) – now widely acknowledged as the best and most comprehensive regulator in the region – has a distinguished record of service and achievement both domestically and on the international stage. He represents Bahrain at the Board of Governors of various multilateral and regional financial institutions, including the Arab Monetary Fund, the Islamic Development Bank and the Arab Fund for Economic and Social Development. He has been an active member of the Development Committee since 2005 representing the MENA region.
Shaikh Mohammed added that there is much to learn from the Gulf economies. The six nations of the GCC have been careful about managing debt levels while investing in essential areas like infrastructure, education and healthcare, and are becoming a model for cross-border partnership.
Bahrain itself has taken a number of domestic measures designed to strengthen the long term sustainability and prosperity of the Kingdom. These include a prudent fiscal and monetary approach, long term strategy of diversification and tried and tested regulatory framework with a commitment to the highest international standards. This approach is enshrined in Bahrain’s Vision 2030 and National Economic Strategy, both committed to maintaining the optimum business environment that will attract foreign investment and ultimately elevate national living standards by creating greater opportunities for Bahrainis.
Last month, the Executive Board of the IMF commended Bahrain’s prudent economic policies and strong financial oversight, which it said had contributed to the Kingdom’s robust macroeconomic performance and to the resilience of the financial sector.
The Annual Meetings of the World Bank Group and IMF bring together central bankers, ministers of finance and development, private sector executives and academics to discuss issues of global concern. About 13,000 people attended this year’s meetings in Istanbul which focused on the world economic outlook, poverty eradication, economic development and aid effectiveness.
Shaikh Ahmed has replaced Mr Agustin Carstens, Mexico’s Secretary of Finance and Public Credit and has taken his new post ahead of the 2010 Spring Meetings of the World Bank Group and IMF in Washington DC next April.
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Notes to editors
The Development Committee is a forum of the World Bank and the IMF that facilitates intergovernmental consensus-building no development issues. Known formerly as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, the Committee was established in 1974.
The Committee’s mandate is to advise the Boards of Governors of the Bank and the Fund on critical development issues and on the financial resources required to promote economic development in developing countries. Over the years, the Committee has interpreted this mandate to include trade and global environmental issues in addition to traditional development matters.
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
More information on the Bahrain EDB is available at: www.bahrainedb.com
Further information
Samia Yakub, Bahrain Economic Development Board
Tel: +973 17 589 891
Email: internationalmedia@bahrainedb.com
Alisdair Haythornthwaite, Bell Pottinger
Tel: + 971 566 901 725
Email: ahaythornthwaite@bell-pottinger.co.uk