Governor of the Central Bank of Kuwait Mohammad Al-Hashel Tuesday called on importance of improving business environment to push forward comprehensive sustainable development in Arab world.

Improving the business environment required a legislative and institutional framework which is lucrative to capitals, Al-Hashel said before a conference about prosperity and promotion of jobs and growth in Arab world.

The conference, held in the city of Marrakech, is co-organized by the International Monetary Fund (IMF), the Arab Monetary Fund and the Arab Fund for Economic and Social Development.

Al-Hashel also called for providing further backing to small and medium-size enterprizes. “These enterprizes form important horizons for the youth and women to enable them overcome unemployment challenge,” he added.

IMF Director General Christine Lagarde called on policy-makers in the Arab world to come up with a development plan that addressed economic and social challenges.

This development plan, she said, should include all segments of the society.

Lagarde said the Arab world was full of potentials among the youth, who were in need of policies triggering better business environment, private sector’s bigger role and further SMEs support.

Abdullah Al-Humaidi, Director General of the Arab Monetary Fund, said unemployment was the biggest challenge facing the Arab world.

“Defeating this challenge requires doubling of efforts as well as deep economic and social reforms,” he said.

He said youth and women should have access to financial services.

Moroccan Prime Minister Saaduddine Othmani said Arab countries were facing huge economic and social challenges, topped by joblessness.

He said unemployment among youth and social differences posed a great challenge against economic growth and social stability.

Source: NAM News Network