The Planning Minister participates in a roundtable meeting and the Governors’ Council meetings of the Islamic Development Bank.

Minister of Planning Participates in Roundtable Meeting at Islamic Development Bank

Algiers, Algeria – Dr. Waed Badhib, Yemen’s Minister of Planning and International Cooperation, participated today in a roundtable meeting held alongside the Islamic Development Bank’s Board of Governors meetings in the capital city of Algiers.

Addressing Key Development Challenges

During his remarks, Minister Badhib emphasized the critical topics of bridging gaps, multilateralism, changing trade dynamics, and the future of development financing. He identified these issues as significant challenges facing the future of development in developing countries. Badhib presented key insights and proposals aimed at enhancing development processes in these nations.

Economic Instability and Its Implications

Badhib noted that the world currently experiences economic instability and dramatic shifts in the foundations of international trade, finance, and investment. He stressed that the region will inevitably feel the impact of these developments. To address these changes, he urged member countries of the Islamic Development Bank to reassess their developmental priorities and strategies.

Strategic Reforms for Yemen

The Yemeni government plans to implement several strategic reforms. These include expanding financial resources from oil, gas, and taxation, improving collection efficiency, and investing in high-value production and service sectors. Additionally, the government aims to support sustainable resource management, promote small and medium-sized enterprises, and enhance the banking sector’s ability to attract private savings for development projects. Creating an attractive investment environment and facilitating access to regional and international markets are also key priorities.

The Role of the Islamic Development Bank

Minister Badhib highlighted the importance of the Islamic Development Bank in fostering cooperation and integration among member states and developing nations. He proposed that the bank adapt to pivotal transformations by strengthening its institutional capabilities and reinforcing its leadership role. This can be achieved by making the approved ten-year strategic framework the foundation for all institutional, administrative, financial, and technological changes. Badhib called for the establishment of appropriate institutional arrangements to position the bank as a global center for Islamic banking. He also advocated for a comprehensive digital transformation strategy, expanding partnerships, mobilizing diverse funding sources, and adopting a conscious decentralization approach. Furthermore, he urged preferential treatment for member countries facing conflict, wars, and natural disasters.

Participation from Key Officials

Dr. Mohammed Al-Hawari, Deputy Minister of Planning and International Cooperation for Economic Studies and Forecasts, also participated in the roundtable discussions, contributing to the dialogue on development strategies.

This meeting underscores the commitment of Yemen and the Islamic Development Bank to address pressing development challenges and foster collaboration among member states.

To follow the news in Arabic