UAE Stresses Importance of Uniting Global Efforts to Confront International Development Challenges
The United Arab Emirates recently concluded its meaningful participation in the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, hosted in Washington, DC. The event, which spanned from April 17 to 19, with additional meetings and activities occurring from April 15 to 20, served as a pivotal gathering of global financial and development leaders. This year’s meetings saw the assembly of central bank governors, finance and development ministers, members of parliament, private sector executives, representatives from civil society organizations, and academics, all collaborating on the pressing issues facing our global economy today.
Heading the UAE delegation was His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs. The delegation was comprised of prominent figures including His Excellency Ibrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the United Arab Emirates, His Excellency Ahmed Al Qamzi, Assistant Governor for Banking and Insurance Supervision, along with other distinguished members from the Ministry of Finance and the Central Bank of the UAE. Together, they engaged in discussions focusing on global economic forecasts, development challenges faced especially by developing countries, and the development of financing policies geared towards comprehensive growth.
His Excellency Mohammed bin Hadi Al Husseini emphasized the critical nature of the discussions at the Spring Meetings, noting their role in fostering enhanced dialogue among all stakeholders. He affirmed the UAE’s commitment to accelerating comprehensive and sustainable development towards a resilient and adaptable global development pathway.
In his capacity, His Excellency engaged in bilateral meetings with finance ministers from Pakistan, Ethiopia, Poland, the United Kingdom, and the United States, exploring avenues for expanded cooperation and unified efforts to address global challenges.
Focused sessions were dedicated to advancing the dialogue on the global economy, economic growth prospects, and international cooperation for stabilizing the global financial system. Particular emphasis was placed on exchanging experiences and bolstering the technical capabilities of member states to promote sustainable growth.
Highlighting the urgency to address development challenges was a key theme, underscored by His Excellency during his chairmanship of the joint plenary session titled “From Vision to Impact: The Evolution of the World Bank Group.” The discussions revolved around confronting development challenges head-on and improving the operational efficacy of the World Bank to expedite project financing, especially for transformative projects in energy, water, health, and digital infrastructure.
The Development Committee and the International Monetary and Financial Committee meetings served as platforms for advocating a unified approach to global challenges, emphasizing the need for collaboration between the IMF, the World Bank Group, and international partners to ensure food and energy security, facilitate debt reduction for needy economies, and support climate adaptation financing.
The UAE’s leadership and contributions at the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) were lauded, showcasing the country’s commitment to substantial climate action and sustainable energy solutions.
Meetings held during the Spring Sessions, including the Middle East and North Africa discussion and the G20 finance ministers and central bank governors meeting, further exemplified the UAE’s active engagement in dialogues about macroeconomic stability, debt sustainability, and strategies for resilient and balanced recovery amidst global uncertainties.
The UAE’s participation in the 2024 Spring Meetings of the IMF and the World Bank Group underscores its dedication to fostering international cooperation, advancing sustainable development, and confronting global economic and developmental challenges with a unified and forward-thinking approach.
