Funding sustained development goals continues to be a perennial challenge, Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Al-Hashel said on Tuesday.
In a speech at the Global Islamic Economy Summit (GIES), Al-Hashel noted that despite ample global liquidity available, only a scant amount of it is earmarked for sustained development goals. Moreover, he said that this issue has both quantitative and qualitative dimensions, adding that the sum needed to fund global development goals is "a very large one." Al-Hashel estimated that an amount of USD 3.5 to 5 trillion is needed every year to make desirable progress.
Speaking on this estimated figure, the CBK Governor said, "it will be adequate to cover the financial needs of sustained development goals for two years," as he underscored the need to "narrow the gap between financial demand and supply."
Meanwhile, he drew a line between Islamic economies and traditional ones, saying that one key distinction of Islamic economies is the ability to transform credit payment into viable investment opportunities, which would in turn, result in a more robust economy.
Al-Hashel also extolled the virtues of an Islamic economic system, "which by nature, requires individuals to be as considerate about the needs of their fellow human beings as they are for themselves."
On a related note, he spoke of crucial Islamic economic tools, such as "Sukuk", which can help foster growth and generate employment through addressing injustice and reducing inequalities.
GIES, in the span of two days, features discussions over major challenges facing the global economy as well as methods to overcome these hurdles.