UAE Engages In 2024 IMF And World Bank Group Annual Meetings In Washington

The UAE is set to engage in the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, DC, from 21st to 26th October. The Ministry of Finance will represent the UAE, with Mohamed bin Hadi Al Hussaini, Minister of State for Finance, leading the delegation.

The delegation includes notable figures such as Ibrahim Obaid Al Zaabi, Assistant Governor of the Monetary Policy and Stability Department at the Central Bank of the UAE (CBUAE), and Ahmed Saeed Al Qamzi, Assistant Governor for Banking and Insurance Supervision at CBUAE. Other members are Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations; Hamad Essa Al Zaabi, Director of the Office of Minister of State for Financial Affairs; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance; along with several specialists from both the Ministry and CBUAE.

Al Hussaini emphasised that participating in these meetings is crucial for enhancing cooperation with IMF and WBG. He stated, "Our participation in these meetings provides a perfect opportunity to strengthen cooperation with the IMF and World Bank and to contribute to shaping international economic policies that directly impact the Arab region. Our role as members of the International Monetary and Financial Committee is to significantly support joint efforts aimed at driving both regional and global economic cooperation."

Commitment to Sustainable Growth

He further noted their dedication to promoting sustainable economic growth across regions. He said, "We are committed to fostering sustainable and inclusive economic growth across the region and promoting financial and monetary stability as we recognise the importance of supporting developing countries while navigating global economic challenges."

Supporting Low-Income Countries

Al Hussaini also highlighted their focus on aiding low-income nations through development pathways aligned with Sustainable Development Goals. He added, "Through the Joint Ministerial Development Committee, we seek to support economic development pathways for low-income countries, in line with the Sustainable Development Goals."

Global Economic Discussions

The IMF and WBG meetings will tackle various pressing global issues related to economy and development. These gatherings will bring together international economic leaders like central bank governors, finance ministers, development ministers, private sector representatives, and civil society members. Discussions will cover topics such as global economic outlooks, poverty eradication strategies, international aid initiatives, economic development challenges, and issues facing the global financial system.

Networking Opportunities

During these meetings' sidelines, an event called UAE Banks Reception will be hosted by the Ministry of Finance alongside CBUAE and UAE Embassy in Washington. This reception aims to facilitate connections between delegations from international financial institutions and banks while strengthening ties between UAE’s public-private sectors.

The UAE's participation underscores its commitment to supporting international efforts aimed at boosting global prosperity. It also highlights its dedication towards addressing poverty while enhancing financial resilience among emerging economies.

With inputs from WAM