Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Regional conf. on Arab economic transformations opens on Jordan  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 12/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) Since onset of Arab Spring three years ago, profound economic and political transformations have taken place but aspired progress is still far away, said Director General of the Arab Fund for Economic and Social Development Abdullatif Al-Hamad.

"Some of these transformations are positive and others are negative," he said at the opening of a regional conference themed "Building the Future: Jobs, Growth and Fairness in the Arab World," held in Amman on Sunday.

The two-day gathering, co-organized by the government of Jordan, Kuwait-based AFESD and the International Monetary Fund (IMF), discusses the economic transformations in the Arab countries.

"Among the positive aspects of transition is the Arab peoples' realization of urgency to build democratic societies and guarantee political freedoms, social justice and equal opportunities while the negative aspects featured prominently in the political instability and security unrest due to the long absence of democracy," he explained.

"The transitions began with great ambition but, so far, progress has been limited in generating the strong and inclusive growth needed to reduce unemployment and raise standards of living," Al-Hamad argued.

The dismantlement of traditional political parties in the Arab Spring countries resulted in imbalances and a state of disregard of the higher national interests, thus giving vent to extremism, and racial and tribal conflicts, he regretted.

"The social and economic situations in the entire Arab region deteriorated and the economic growth slowed down sharply while the average rate of unemployment rose from 14.6 percent in 2010 to 17 percent at present," he went on.

Al-Hamad highlighted the need of international support to the Arab countries in transition, warning that lukewarm response to the needs of these countries could result in an even more serious setback in the economic and social reforms.

On the AFESD loaning operations, Al-Hamad said the Fund has offered, since the start of these operations in 2012, a total of USD 688 million in financing for small and medium enterprises in 13 Arab countries, mainly the ones in transition.

Nevertheless, the financial needs of these countries are far too much to be met given the numerous impediments and the unsuitable business environment, he noted.

"The international community can play a major role in the development of mega projects in such areas as infrastructure, education, public utilities, social service and healthcare in order to improve the economic competitiveness of the Arab countries in transition.

"The international community has to make concerted efforts to help these countries break the vicious circle of economic and political turmoil, whereas the national governments of these countries need to set their priorities right and develop clear-cut programs for economic and political reforms within an inclusive framework involving all components of their respective societies," he added.

Meanwhile, director of the IMF regional office for the Middle East and Central Asia Masoud Ahmad highlighted the need to help the youth of the Arab region fulfill their aspirations for better future, decent life and employment.

It is a shared responsibility for all to set out viable economic policies and contribute to their implementation, he said, voicing hope that the conference will lead to positive results in this regard.

Deputy Governor of the Central Bank of Kuwait Youssof Jassem Al-Obaid and economic advisor to Kuwait Fund for Arab Economic Development (KFAED) Tareq Al-Manis take part in the conference.

The event, hosted by Prime Minister of Jordan Abdullah Ensour, gathered IMF Managing Director Christine Lagarde alongside with some 200 high-level economic policymakers, academics, leading private and public sector executives, development partners, and civil society representatives from the Arab region and beyond.

It aims to develop a common vision for economic development by drawing lessons from similar episodes of fundamental economic transformation in other parts of the world.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Oct 31 2014 - Saudi Arabia's Sedco Capital eyes $300m Europe real estate dealThe Peninsula
(MENAFN - The Peninsula)  Jeddah-based Islamic investment firm Sedco Capital plans to arrange a club investment of up to $300 million in European real estate, and will soon distribute its Luxembourg ...

 Oct 31 2014 - Qatar Exchange index falls on heavy sell-offThe Peninsula
(MENAFN - The Peninsula)  Qatari stocks plunged on heavy profit-taking yesterday, a day after Federal Reserve announced its decision to wound up its over five-year-long quantitative easing stimulus ...

 Oct 31 2014 - Kuwait prioritizes protection of human rights - EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The State of Kuwait on Thursday reaffirmed respect for human rights out of belief in their crucial role in the achievement of sustainable development.The Kuwaiti ...

 Oct 31 2014 - Kuwait welcomes Sweden's recognition of Palestinian statehoodKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Kuwait welcomes Sweden's decision to recognize Palestine as an independent state, a senior Foreign Ministry source said on Thursday.The decision comes in line ...

 Oct 31 2014 - Ban condemns Sudan hostilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  UN Secretary General Ban Ki-moon strongly condemned the resumption of hostilities between the Sudan People's Liberation Army (SPLA) and Opposition forces in ...

 Oct 31 2014 - US, Israeli officials discuss ISIL, IranKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  Senior US officials working on the Obama Administration's counterterrorism strategy met with their Israeli counterparts on Thursday for the semi-annual meeting ...

 Oct 31 2014 - Kuwaiti Speaker condemns Israeli closing of Aqsa MosqueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  We condemn the unjustly Israeli act of closing the Holy Aqsa Mosque in the face of worshippers, Kuwait's National Assembly Speaker and Chairman of the Arab ...

 Oct 31 2014 - S. Korean Pres. calls for more economic ties with Saudi ArabiaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  South Korean President Park Geun-hye on Friday called for expanding economic ties with Saudi Arabia, saying the two countries should seek exchanges in new areas ...

 Oct 31 2014 - EU condemns ISIL atrocities in IraqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))  The EU Friday expressed condolences to the families of the tribesmen who were killed in recent ISIL atrocities in the Anbar province, as well as to the families ...

 Oct 31 2014 - OPEC basket price down by 45 cents to USD 82.79 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA))   OPEC daily basket price stood at USD 82.79 a barrel Thursday compared with USD 83.24 the previous day, the cartel said on Friday.The annual rate of the OPEC ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help