Arab Fund For Economic And Social Development – The IMF’s Middle East Center for Economics and Finance in Kuwait, together with the Arab Fund for Economic and Social Development, organized a high-level symposium to discuss economic policies to achieve inclusive development in the Arab world.

The Middle East Center for Economic and Financial Affairs of the IMF () in Kuwait together with the Arab Fund for Economic and Social Development (AFESD) organized a high-level symposium on “Inclusive Development in the Arab World: A Call for Action” on Wednesday. , February 14, 2018. The event was held at the headquarters of the Arab Fund. The panel discussion was chaired and moderated by His Excellency Dr. Yousef Al-Ebraheem, economic adviser to Al-Diwan Al-Amiri. Among the main speakers were Dr. Jihad Azour, Director of the IMF Department for the Middle East and Central Asia, and as discussant Dr. Ibrahim Elbadawi, Executive Director of the Economic Research Forum, and Professor Adeel Malik of the University of Oxford.

Arab Fund For Economic And Social Development

During his opening remarks and subsequent discussion, His Excellency Dr. Yousef Al-Ebraheem said the symposium is the eighth high-level forum organized jointly with AFESD, which aims to stimulate an open debate on the evolving economic challenges facing policymakers. in Kuwait and the wider Arab community. He discussed economic and financial sector reforms necessary to achieve sustainable inclusive growth and reduce unemployment in Arab countries, taking into account the challenges of large-scale conflicts, refugee and migration crises, as well as low and volatile oil prices.

Blackrock Board Of Directors

Dr. Azour argued that now is the time to accelerate reforms to support higher and more inclusive growth in the Arab world. First, the region faces an urgent need to create jobs and harness the talents of the 27 million young people who will enter the labor market in the next five years. Second, it should take advantage of a strengthening global economy, which is expected to grow by 3.9 percent in 2018 and 2019, the fastest pace since 2011.

Dr. Azour noted that the region continues to bear the burden of protracted conflicts and was hit by the drop in oil prices in 2014, noting that growth has not been strong enough for most of the decade to create jobs and raise living standards for many. This has led to growing frustration with unemployment, poverty and inequality, particularly among youth, women, rural communities and refugees.

Dr. Azour emphasized that creating the conditions for sustained job-rich growth will require macroeconomic stability supported by prudent fiscal and monetary policies. But countries should also implement a critical mass of reforms aimed at supporting the private sector, diversifying economies, increasing productivity and investment, and enabling greater inclusion.

With more than 55 percent of businesses in the MENA region citing corruption as a major constraint, the region needs to strengthen governance, accountability and transparency. Business climate reform and a level playing field would be key to fostering private investment, especially foreign direct investment, which could facilitate the transfer of technology and knowledge to the region and further integrate it into the global economy. Loans to SMEs account for just 2 percent of GDP in the region, so it would be important to strengthen financial inclusion, including the use of FinTech. Finally, education needs to be reformed to equip people with the knowledge and skills required by the private sector to compete in today’s global economy.

Ddi Participates At The Arab Fund

Dr. Azour saw considerable scope for fiscal policy to support growth and promote opportunity for all. With tax revenues in MENA averaging just 9 percent of GDP, the region could mobilize additional revenue by moving to a more progressive tax system and eliminating tax exemptions. Substantial fiscal savings could be achieved by phasing out the region’s $74 billion a year blanket fuel and energy subsidies, about 25 percent of the world’s total. Fiscal space from these measures could finance high-quality, more efficient social and capital spending. Recent research has shown that reducing energy subsidies by 1 percentage point of GDP redirected to infrastructure spending has the potential to increase GDP by 2 percentage points over 6 years while creating half a million new jobs.

Dr. Azour briefed participants on the conference on promoting growth, jobs and inclusion in the Arab world that the IMF organized with the Moroccan government, the Arab Fund for Economic and Social Development and the Arab Monetary Fund in Marrakesh last month. He drew their attention to the conference’s “NOW NOW” call to action to promote accountability and transparency, competition and technology and trade, while ensuring that no one is left behind by building stronger safety nets, creating opportunities through greater and greater social and investment spending. and fairer taxation and job creation for all through better education and skills matching.

After the presentation of Dr. Azour was presented by Dr. Elbadawi and Dr. Malik complementary analysis of the reforms needed to achieve inclusive development in Arab countries, bringing to the fore lessons from specific Arab countries as well as global experience. Features The Arab Fund for Economic and Social Development Long-time supporter of AUB by MainGate Staff Fall 2021

The Arab Fund for Economic and Social Development (AFESD) was established in 1974 to provide financial support to economic and social development projects in the Arab world. Based in Kuwait, it has supported hundreds of initiatives in 17 countries. AFESD is a particularly good friend of AUB – and the people of Lebanon.

Mr. Bader Mohammad Al Saad Final

Under the leadership of Abdlatif Y. Al-Hamad, who was AFESD CEO until fall 2020, and current director Bader M. Alsaad, AFESD has provided critical funding since 2011 for the Salim El-Hoss Bioethics and Professionalism Program, the first targeted initiative in the Arab world , which seeks to educate, research, and advocate for issues related to professionalism, medical humanism, and bioethics. She has also funded critical capital projects at the AUB Medical Center such as the Next Generation Sequencing Systems and most recently the Cardiac Catheterization Laboratory; scholarships for Syrian students; and to needy patients seeking care at a medical center.

“Since its inception in 1974, the Arab Fund has made enormous progress in economic and social development in the region,” said AUB President Fadlo Khuri. “It had an impact not only on the specific areas it focused on, but also on the promotion of greater cooperation between member countries. We at AUB share the Arab Fund’s focus on issues that are critical in the region: health care, education, clean drinking water, rural development and social welfare.

One of the other ways AFESD makes an impact is by responding quickly to emergencies, as it did in the immediate aftermath of the August 4, 2020 explosion in Beirut port, giving AUB a generous donation to help people. wounded by the explosion, for supplies and medicine, and for repairs at the medical center. It also supported the university’s medical center, Saint George Hospital, which was severely damaged by the explosion.

“The Arab Fund is a true partner,” explained Deputy Vice President for Development Walid Katergi. “We work very well together to support the priorities that our institutions share. The support AUB receives from AFESD is especially important today when Lebanon and our university are facing such unprecedented challenges. We look forward to continuing to build and expand our relationship for many years to come.” By admin December 21, 20212021-2022, Excursions, NewsLeave a comment on IWG delegation visit Arab Fund for Economic and Social Development

Int’l Cooperation Minister, Arab Fund For Economic Development Discuss Cooperation

A delegation of the International Women’s Group, led by the group’s president, Cristina Balducci, the wife of the Ambassador of the Italian Republic, visited the Arab Fund for Economic and Social Development on Thursday, December 9, 2021, to view the fund’s facilities. .

The delegation was received by the engineering adviser of the fund, Usama Wanes, who accompanied the members of the IWG and briefed them on the facilities of the fund, which is considered a masterpiece that includes a large number of honors brought from a number of Arab countries. countries.

The delegation expressed great admiration for what they witnessed, and Ing. Wanes briefed the guests on the nature of the fund’s work and its role in supporting development projects in Arab countries.

At the end of the visit, the wife of the Ambassador of the Italian Republic, on behalf of the International Women’s Group, handed over a commemorative plaque to the Director General of the Arab Fund for Economic and Social Development, Dr. Badr Al-Saad. . Engineer Usáma Wanas accepted the shield on behalf of the CEO while thanking the delegation.

Kuwait Fund For Arab Economic Development Sign Stock Photo

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