He was addressing in 39th meeting of IDB board of governors in
The minister said that the role of the IDB becomes ever more important to move ahead and to help member countries reform their governance structures, remove structural disparities through growth and development in an equitable and sustainable manner.
This also necessitates that the IDB management must reflect on contemporary global economic realities if it has to remain as effective into the future as it has proved in recent times, he added.
He appreciated the IDB's efforts in generously supporting
He re-affirmed the government's resolve to further strengthen its close cooperation with IDB and fellow member countries.
He said joint efforts by governments could go a long way in bringing about prosperity and peace in the Muslim world.
The minister also said that
The incumbent government is now in its second year and has embarked upon reforms agenda in economic and financial sector which includes: (i) Restructuring of public sector enterprises (ii) power sector reforms (iii) debt management strategy (iv) fiscal austerity to reduce fiscal deficit (v) tight monetary policy to check inflation (vi) building foreign exchange reserves to stabilize the exchange rate (vii) promoting exports (viii) incentivizing home remittances (ix) strengthening social safety nets to mitigate impact of stabilization measures through prime minister's youth loan (x) promoting growth and raising domestic revenues (xi) Rationalyzing subsidy regime to reduce pressure on the budget and (xii) Tax administration and policy reform to mobilize domestic resources'.
Growth in both agriculture and industry has revived. Fiscal performance is also improving with the deficit brought down to below 6 percent from 8.8 percent when the government took office.
This has been achieved due both to austerity in expenditures and an outstanding revenue collection performance which recorded an increase of 16.4 percent in the first eleven months of the financial year, said the minister.
"On the external side, exports have maintained positive growth while remittances have also reached a record high of
He said: "We are sure that in the wake of IDB's vision for 1440 Hijri, the bank will become a world-class development institution, inspired by Islamic principles and possessed with the capacity to positively transform the development status of the Muslim world. In its transition toward 1440 Hijri vision, the bank must operate on the Islamic notion of development that is much wider and is centered on the comprehensive development of member states and their population."
(c)2014 the Arab News (Jeddah, Saudi Arabia)
Visit the Arab News (Jeddah, Saudi Arabia) at www.arabnews.com
Distributed by MCT Information Services