Arab financial institutions seek solutions to economic woes at joint meeting

Rabat played host to the annual joint meetings of Arab financial institutions over the weekend, with the High Patronage of King Mohammed VI adding prestige to the event.

The conference drew a distinguished crowd of Arab ministers of finance and economy, governors of Arab central banks, and representatives from regional and international organizations.

The opening session of the meetings commenced with the reading of a Royal message from the King, delivered by Aziz Akhannouch, the Head of Government. In his address to the assembly, Sultan Salim Said Al Habsi, the Minister of Economy of the Sultanate of Oman, noted the challenging economic and political situation faced by the Arab world, especially in the aftermath of the Covid-19 crisis and the current Russo-Ukrainian crisis. The minister praised the efforts made by Arab countries to surmount difficulties and overcome obstacles, both domestic and foreign.

Despite progress being made by joint Arab financial institutions, the minister stressed the importance of greater cooperation to tackle a range of remaining challenges. He urged the creation of an investment climate conducive to the attraction of capital and the development of investment opportunities. This, he argued, would be critical in achieving sustainable development objectives. He highlighted the need for laws and regulations that strengthen channels of openness to the global economy, the consolidation of institutional and structural reforms, the fight against corruption, and the promotion of governance and transparency.

The conference saw the presentation of the “Abdellatif Youssef Al Hamd” award to the project of a power plant in South Helwan, Egypt. This two-day event provided a forum for the exchange and discussion of current economic problems in the Arab region, as well as a platform for the sharing of proposals and opinions for joint action.