The UAE concludes its participation in the spring meetings of the World Bank Group and the IMF in Washington

Washington, April 26 / WAM / The UAE, represented by the Ministry of Finance and the United Arab Emirates Bank, concluded its participation in the spring meetings of the World Bank Group and the International Monetary Fund, which was held in the American capital, Washington, from April 21 to 26.

The meetings discussed the most prominent global challenges in the areas of growth, inflation, financial sustainability, digital transformation, and climate work, with the participation of a group of leaders of the international economy, including finance and development ministers, central bank governors, private sector executives and representatives of civil society organizations.

His Excellency Mohammed bin Hadi Al -Husseini, Minister of State for Financial Affairs, stressed that the participation of the UAE in these meetings comes within the framework of its keenness to enhance its international presence in formulating global economic and financial policies, and contributing to drawing the features of a more comprehensive and sustainable financial system.

His Excellency said: “We believe that enhancing economic flexibility at the regional and global levels requires wider partnerships and flexible responses based on multilateral cooperation, and we in the UAE put at the forefront of our priorities to support constructive dialogue with international financial institutions, and develop practical and implementable solutions that help countries to face challenges, especially in the areas of sustainable economic transformation, financial governance, investment in digital infrastructure and affiliated policies she has”.

He added: “We are working to support innovative and inclusive financing paths, and to redirect resources towards the most influential sectors in achieving sustainable development, such as education, infrastructure, and empowering young people, and we value the vital role of the International Monetary Fund and the World Bank Group in supporting developing countries and helping them build more flexible and stable economies.”

For his part, His Excellency Khaled Mohamed Al -Buma, Governor of the United Arab Emirates Central Bank, said: “The UAE’s participation in the spring meetings of the World Bank Group and the International Monetary Fund comes from its established vision of the importance of dialogue and international cooperation in the economic and development fields to face global economic challenges, and these meetings have stressed the importance of coordination between monetary and financial policies to confront inflation and market fluctuations, which is what we are keen in the Emirates Central Bank to keep pace with it With balanced policies that guarantee critical stability and enhance the flexibility and sustainability of the national economy, in line with the ambitious economic visions of our country.

The delegation of the UAE participated in the meeting of the finance ministers and the governors of the central banks of the countries of the Middle East and North Africa, Afghanistan and Pakistan, where the meeting discussed regional economic challenges in light of the state of global inaccuracy, ways to enhance comprehensive growth, and the role of the International Monetary Fund in supporting the stability of economies and achieving sustainable development.

Discussions touched on the effects of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development paths.

During the meeting, His Excellency Muhammad bin Hadi Al -Husseini stressed the importance of strengthening constructive cooperation with the International Monetary Fund, praising its role in providing advice and support to countries with fragile and weak economies, calling for expanding the scope of the resources of the Support Fund for solidity and sustainability to include vital areas such as job opportunities, youth empowerment, and digital transformation.

His Excellency stressed the UAE’s commitment to support regional and international efforts aimed at restoring growth momentum and enhancing economic governance, pointing to the importance of innovation and investment in human capital and infrastructure, as pillars to achieve long -term sustainable development.

The state delegation also participated in the second meeting of the finance ministers and the governors of the central banks of the Group of Twenty, where the meeting discussed several important global economic and financial files, distributed in three major sessions, which dealt with issues of macroeconomic economics and global financial stability, the international financial structure and developments of the multilateral development bank road map, in addition to the challenges that hinder the development process in the African continent.

His Excellency Al -Husseini stressed the importance of the role played by the Group of Twenty in coordinating economic policies, and proposed to the group three main steps to enhance the stability of the global macroeconomic, which is to address the state of uncertainty and the consolidation of a fair and transparent global commercial system that guarantees equal opportunities, support the economies of emerging markets and developing countries to enhance their financial flexibility, and taking into account the social dimensions of economic policies, in a way that contributes to achieving the balance between public financial requirements and development goals Sustainable.

In the session on the development challenges in Africa, His Excellency Al -Husseini affirmed the UAE’s support for the Group of Twenty’s initiatives in promoting sustainable development in the African continent.

His Excellency Muhammad bin Hadi Al -Husseini participated in the meetings of the International Committee for Monetary and Financial Affairs, which discussed the assessment of the International Monetary Fund for the prospects for global economy and financial stability.

His Excellency indicated in his intervention that successive economic shocks weaken growth rates and increase market fluctuations, which leads to a state of uncertainty and negatively affects the climate of investment and sustainable development.

His Excellency also stressed that high debt levels in emerging markets and low -income countries pose an increasing threat to economic stability, in light of the high costs of borrowing and the decline in access to financing.

His Excellency stressed that the UAE supports the role of the International Monetary Fund in providing support and advice to countries in which it takes into account its economic and social peculiarities, praising the fund’s analyzes and recommendations on the effects of current customs definitions on commercial activities and their implications for developing markets and economies.

The UAE delegation held a number of high -level bilateral meetings to discuss economic and financial relations with Pakistan and Zimbabwe and the International Fund for Agricultural Development.

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