The UAE, represented by the Ministry of Finance and the UAE Central Bank, has wrapped up its participation in the annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), held in Washington from Oct.21 to 26.
The UAE delegation, led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, included top officials from the Central Bank and the Ministry of Finance, such as Ibrahim Al Zaabi, Assistant Governor of the Monetary Policy and Stability Department at the Central Bank of the UAE, and Ahmed Al Qamzi, Assistant Governor for Banking and Insurance Supervision.
This is in addition to Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance, Hamad Essa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs, and Thuraiya Hamed Alhashemi, Acting Director of Relations and International Financial Organisations at the Ministry, as well as a number of specialists.
From economic outlook, to poverty eradication, economic development, and international aid, the meetings discussed a wide range of global issues.
Participants also addressed the challenges confronting the global financial system in the presence of international economic leaders, such as finance and development ministers, central bank governors, private sector executives, and representatives of civil society organisations.
UAE’s strategic role
Mohamed bin Hadi Al Hussaini stressed that the UAE plays a pivotal role in promoting international cooperation to confront global economic challenges, reiterating the country’s commitment to fostering financial stability and sustainable development on both regional and global scales.
Al Hussaini added that the UAE is committed to promoting innovation in the financial sector, building digital infrastructure to boost financial inclusion, and deepening collaboration between the public and private sectors to support long-term development goals.
“The UAE will continue to support international initiatives aimed at driving sustainable development by investing in innovative financial solutions that not only bolster economic growth but also create new opportunities for progress. And by staying committed to the Paris Agreement, we collaborate with global partners to ensure the sustainability of the global economy and address the rapid pace of economic and technological change,” he stated.
Development committee
As part of the annual meetings, Mohammed bin Hadi Al Hussaini chaired the main session of the 2024 WBG-IMF Development Committee meeting. At the start of the 110th meeting of the Committee, his fourth since assuming the chairmanship, Al Hussaini expressed his deep appreciation for the collective efforts made during the three previous meetings under his leadership.
Discussions during the meeting touched on ways to strengthen the World Bank Group’s development finance to tackle global challenges such as climate change and digital transformation.
The meeting also highlighted the need for a comprehensive approach to enhance the financial capacity of international financial institutions, focusing on operational efficiency and technology.
The meeting addressed innovative financial solutions, including green bonds, to manage debt while supporting environmentally friendly projects.
His Excellency shed light on the World Bank Group’s significant contributions, including $330 billion in development finance and $90 billion in climate finance over the past three and a half years.
International Monetary and Financial Committee
During the annual meetings, the International Monetary and Financial Committee, which plays a key role in shaping international financial and economic policies amid global economic shifts, held a session. Discussions touched on the IMF’s assessment of the global economy and financial markets, highlighting the slowdown in global trade growth, geopolitical tensions, and supply chain challenges.
Al Hussaini also highlighted the impressive resilience of advanced, emerging, and developing economies despite mounting global challenges. He stressed that the IMF plays a key role in supporting the global economy to avoid a path of low growth and high debt, given the moderate growth outlook and record levels of global public debt.
He also emphasised the importance of multilateral cooperation in safeguarding global trade, addressing debt vulnerabilities, ensuring energy security, and financing climate change adaptation.
G20 Finance Ministers
Additionally, the UAE delegation participated in several key meetings, including the 4th meeting of G20 finance ministers and central bank governors under Brazil’s presidency.
The meeting discussed ways to enhance the efficiency of multilateral development banks, improve their responsiveness to global needs, and strengthen government-private sector cooperation to address development priorities.
The meeting also discussed the importance of implementing the multilateral development banks’ roadmap approved by the G20 through effective monitoring and reporting mechanisms.
Members also addressed prospects for global financial stability and highlighted the achievements of the G20 Financial Track since its inception 25 years ago.
During the meeting, Al Hussaini highlighted the UAE’s progress in digital infrastructure and financial innovation and the country’s efforts to promote financial inclusion through advanced financial technology. He reiterated that the UAE is committed to the Paris Agreement, highlighting the national contributions made to achieve these targets.
The UAE delegation also participated in the meeting of finance ministers and central bank governors from the Middle East, North Africa, and Pakistan, a joint meeting with their counterparts from the GCC, Caucasus, and Central Asia at the IMF, and bilateral meetings with the Pakistani and Indian delegations.
Reception for UAE Banks
On the sidelines of the meetings, the Ministry of Finance, in collaboration with the Central Bank of the UAE and the UAE Embassy in Washington, hosted a reception for UAE banks to enhance networking and engagement with participating delegations and senior officials from international financial institutions and banks, while showcasing the UAE financial sector’s leading role on the global stage.
tanvir@dubainewsweek.com
