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April 16, 2024

UAE participates in World Bank and IMF meetings in Marrakech


(WAM) — The United Arab Emirates, represented by the Ministry of Finance, announced its participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) taking place in Marrakech, Kingdom of Morocco, from October 9 to 15, 2023.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, will head the UAE delegation participating in the meetings, which includes Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, Hamad Al Zaabi, Director of the Office of Minister of State for Financial Affairs, Azza Ali Aljassmi, Director of Government Communications Department at the Ministry of Finance, Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Department at the Ministry of Finance, and several specialists from the Ministry of Finance and the Central Bank of the UAE.
As part of its participating in the annual meetings of the IMF and WBG, the UAE delegation take part in the World Bank Group Development Committee, chaired by Mohamed bin Hadi Al Hussaini, the fourth meeting of G20 Finance Ministers and Central Bank Governors under India’s presidency of the G20, the Annual General Meetings, the International Monetary and Financial Committee, the meeting of finance ministers and governors of the Arab central banks with the President of the World Bank Group, and the meeting of the Managing Director and Chairman of the Executive Board of the International Monetary Fund with countries of the Middle East, North Africa, Afghanistan, and Pakistan.

The delegation will also hold a series of bilateral meetings with officials of international institutions and organisations, and the UAE will host a reception for UAE banks.
Al Hussaini praised Morocco’s ability to quickly recover from the saddening earthquake that struck, and its commitment to continue hosting this event, which is held for the first time in nearly fifty years on the African continent. The UAE works closely with countries in Africa to enhance efforts to face various challenges, foremost among them health, climate change, and food security.
He emphasised that the world needs to join forces to establish effective and comprehensive solutions for all developmental needs sustainably that provide for the needs of future generations. The ministry is working on bringing finance ministers from across the globe together to attend the Finance Day that will be held in Dubai on December 4, on the sidelines of the 2023 United Nations Climate Change Conference (COP28).
Mohamed Al Hussaini also chairs the Arab Group countries in the meeting of the International Monetary and Financial Committee (IMFC), which will be held on the sidelines of the annual meetings.

It will address the latest developments in the international monetary and financial systems, key strategic issues, economic growth in the region and future prospects, protecting the overall economy and global financial stability, fiscal policy requirements to combat inflation and maintain debt sustainability, and consolidating sustainable growth.
Delegates from 189 member countries in the IMF and WBG, including public sector officials from finance ministries and central banks, parliamentarians, representatives of the private sector, and academics, will participate in the annual meetings in Marrakech.

They will discuss the latest global economic developments, challenges facing the overall economy, developments in digitalisation and financial services technology, climate issues, in addition to holding seminars, sessions, and events focusing on the global economy, international development, and global financial markets.

The meetings will also discuss the roadmap of the World Bank Group and the International Monetary Fund and how to develop their tasks and operations.

Meetings of the World Bank Group Development Committee and the International Monetary and Financial Committee will be held to discuss what has been accomplished.

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