Washington: The United Arab Emirates has wrapped up its participation in the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington D.C., held from April 17-19, with additional events throughout the week.
Led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation calls for increased international cooperation to address global challenges. The delegation included top officials from the UAE’s Ministry of Finance and the Central Bank.
Al Hussaini held key discussions with his counterparts from Pakistan, Ethiopia, Poland, the United Kingdom, and the United States, focusing on enhancing cooperation to tackle worldwide issues. Ebrahim Al Zaabi, Assistant Governor for Monetary Policy at the UAE Central Bank, noted that the meetings were crucial for dialogue and sharing insights on global economic trends and challenges.
During the 109th joint WBG-IMF Development Committee meeting, Al Hussaini chaired a session on implementing strategic initiatives for the World Bank, stressing the need for quick responses to economic challenges. He expressed concern over the economic recovery in developing nations, hindered by financial constraints and increasing debt, which affect the achievement of Sustainable Development Goals.
In the International Monetary and Financial Committee (IMFC) plenary session, Al Hussaini remarked on the uneven global recovery, emphasizing the plight of states affected by conflict and geopolitical tensions. He highlighted the need for multilateral efforts to secure food and energy supplies, facilitate trade, support debt reduction, and finance climate initiatives.
The UAE also participated in the second G20 Finance Ministers and Central Bank Governors meeting of 2024 under Brazil’s presidency. Discussions included rethinking finance to support a fair climate transition and updating the international financial architecture.
Overall, the Spring Meetings served as a platform for global leaders to discuss economic outlooks, development, poverty eradication, and the effectiveness of international aid, underscoring the importance of knowledge exchange and collaborative solutions for sustainable development.
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