The World Bank revealed that the Arab countries need more transparency to cause an unprecedented double shock due to the pandemic of the Coronavirus emerging (COVID-19) and the collapse of oil prices.
The World Bank recommended that Arab countries address the repercussions of Corona and the collapse of oil prices with "policies based on addressing the health emergency and the associated economic contraction; and to start adopting budget reforms, such as debt transparency and restructuring of state-owned enterprises."
In the new report, entitled " How Transparency Can Help the Middle East and North Africa," the bank sees transparency on critical economic issues, such as public debt and employment, as the best solution to drive growth and enhance confidence in governments in the region.
In this context, Ferid Belhaj, World Bank Vice President for the Middle East and North Africa, stressed that we must learn and change in order to give our citizens new hope. Transparency across the region can help achieve growth while enhancing confidence in governments in the years and decades to come.
Source (New Arab newspaper, Edited)
