The Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), and the Islamic Development Bank (IsDB) will jointly organize an International Symposium on Financing for Development on Nov. 22-23 in Turkey’s Istanbul.
SESRIC is a subsidiary organ of Organisation of Islamic Cooperation (OIC) and IsDB is one of the world’s largest multilateral development banks that has been working for over 40 years to improve the lives of the communities that it serves by delivering impact at scale.
The symposium will be held under the theme of “Thinking Innovative Solutions to Persist Development Challenges” and attended by representatives of national institutions, international and regional organizations, the private sector and academia.
“The event will provide an important platform for discussing the problems and alternative solutions related to financing for development in OIC countries,” according to a press release.
Turkey is expected to see “record” current account surplus in October, the country’s finance and treasury minister said on Tuesday. Turkey, which recently faced currency shocks, entered into the process of normalization as of October, Berat Albayrak said at the International Business Forum’s opening ceremony, in Istanbul. Turkey’s inflation figures will be close to its targets in November and December, Albayrak said.
“Loan interest rate dropped to below 25 percent level and it will further drop in December,” he said. He added: “We will continue to take strong steps without compromising the budget discipline.”
TURKPA plenary session kicks off in Turkey’s IzmirTurkey works on a financial structure to deepen capital market in the country. Albayrak said: “Turkey’s recent process is a reflection of problems in international monetary system.”
Albayrak stressed the one-currency-dominated monetary system is need to be diversified with regional cooperation between countries to minimize risks. In August and September, “an economic operation” directly targeted Turkish lira and Turkey’s economic stability, he said. The new economic program, which was announced in August, includes a series of measures and steps to provide fiscal discipline, reduce current account deficit, and boost productivity and savings.
The 22nd International Business Forum (IBF) Congress was organized under the 17th Independent Industrialists and Businessmen Association (MUSIAD) Expo that will start on Wednesday.The IBF, established in 1995, provides a trustworthy global business network, especially for Muslim businesspeople.
The current 56 member countries of the OIC are highly diverse in terms of their level of economic development and many of them require a substantial amount of resources to finance their development. In order to address the challenges on financing for development, alternative mechanisms have being discussed across the globe. A particularly strong mechanism that becomes increasingly popular is the Islamic finance instruments in financing for development, which can be instrumental for OIC countries in fostering sustainable development when effectively utilized.
In this connection, the symposium aims to identify the opportunities for innovative financing mechanisms, including Islamic finance instruments, as well as effective utilization modalities of existing resources for financing development in developing countries, with a particular focus on OIC member countries. It will also highlight and discuss the growing role of some OIC member countries as development financiers and emerging donors in achieving global development goals.
Source Yenisafak