Quotes: 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
 Nov 24 2014 - UAE- Telangana CM identifies 40 spots for skyscrapersKhaleej Times
(MENAFN - Khaleej Times) World's tallest tower planned around picturesque Hussain Sagar in Hyderabad. Chief Minister K. Chandrasekhar Rao. Hyderabad: The Telengana government is all set to forge ...

 Nov 24 2014 - Grammers daughter is Miss Golden GlobeKhaleej Times
(MENAFN - Khaleej Times) Kelsey Grammers daughter Greer is the new Miss Golden Globe. Hollywood Foreign Press Association President Theo Kingma made the announcement last Thursday night at a party ...

 Nov 24 2014 - Peter Andre 5ive and B-witched step back in time in DubaiKhaleej Times
(MENAFN - Khaleej Times) Fans poured into Emirates Golf Club for the annual retro MixTape Rewind concert that featured a few of their favourite 90s stars including B*Witched 5ive and Peter ...

 Nov 24 2014 - Kim Kardashian lives it up in DubaiKhaleej Times
(MENAFN - Khaleej Times) Friday was a particularly busy day for Kim as she took to the seas with friend and fellow Hollywood bon vivant Michelle Rodriguez posting pictures on Instagram ...

 Nov 24 2014 - UAE- Mercedes aim to keep celebrations low profileKhaleej Times
(MENAFN - Khaleej Times) No printed T-shirt after the conclusion of the Abu Dhabi GP. Lewis Hamilton of Mercedes in action during the Abu Dhabi Etihad Airways Grand Prix on Saturday.Photo by Nezar ...

 Nov 24 2014 - Test cricket is a massive mental game: LathamKhaleej Times
(MENAFN - Khaleej Times) These two hundreds obviously have done a world of good to my confidence Tom Latham celebrates his century against Pakistan. Photo by Shihab/ Khaleej Times Dubai — ...

 Nov 24 2014 - UAE- Diabetes prevention and treatment a national priorityKhaleej Times
(MENAFN - Khaleej Times) Dr Abdulkareem Al Olama Jalila Foundation CEO shares the organisations long-term plans and tells Anindita Chatterjee why corporate partnerships are crucial in fighting ...

 Nov 24 2014 - UAE- Execute labour court orders or face suspension of work permitsKhaleej Times
(MENAFN - Khaleej Times) The Ministry of Labour is about to finalise naming companies that refrained from implementing final labour court orders. Companies that desist from executing final labour ...

 Nov 24 2014 - Sea beach safety drive begins in Abu DhabiKhaleej Times
(MENAFN - Khaleej Times) The Critical Infrastructure and Coastal Protection Authoritys (CICPA) Bihar 2014 campaign kicked off its activities at Abu Dhabi Corniche on Thursday. A Bihar spokesperson ...

 Nov 24 2014 - UAE citizens affairs micro site launchedKhaleej Times
(MENAFN - Khaleej Times) The Ministry of Foreign Affairs (MoFA) has launched the UAE Citizens Affairs page on its website in line with its keenness on giving the UAE citizens easy access to all ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help