UAE to participate in the WB-IMF Spring Meetings

The United Arab Emirates, represented by the Ministry of Finance (MoF), is participating in the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which will is held in Washington, DC from 10th to 16th April.

The UAE delegation is headed by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs. Mohamed Bin Hadi Al Hussaini stated that the ministry is keen on attending and participating in such international events, engaging in the international decision-making process and unifying efforts to serve the countries of the region and the world. “Today, the global economy is facing unprecedented changes and challenges that require concerted efforts and visions to draw solutions that align with various countries’ requirements and development plans, thereby achieving comprehensive and sustainable economic, social and environmental development for future generations.

“The 2023 Spring Meetings will discuss various topics like global macroeconomic challenges, the latest developments in digitisation and financial services technology, climate affairs, the path towards equality, and the latest global economic developments.

Al Hussaini will chair the Development Committee meeting alongside David Malpass, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the International Monetary Fund. The meeting will discuss the WBG’s roadmap for addressing development challenges, as well as the development of the WBG’s mission, operations and resources to exchange preliminary views on its development priorities.

The meetings of the Joint Development Committee and the IMF’s International Monetary and Financial Committee will be held to discuss the WBG and IMF work progress and to organise seminars, sessions and events that focus on the global economy, international development, and global financial markets.

Al Hussaini will also lead the Arab delegation to the International Monetary and Financial Committee meeting (IMFC) to discuss the latest developments in the global monetary and financial system. Establishing a sustainable recovery and preserving macroeconomic and global financial stability require decisive policies that are tailored to each country’s needs.Furthermore, he will participate in the meeting of finance ministers, central bank governors, and heads of regional financial institutions in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region, along with Kristalina Georgieva, Managing Director of the IMF.

The meeting will discuss key strategic issues and economic growth in the region, in addition to future prospects and fiscal policy requirements to combat inflation and maintain debt sustainability while ensuring targeted support for vulnerable groups. The 2023 Spring Meetings brings together government officials from the IMF and WBG’s member states, observers and representatives of international, regional and economic organisations, as well as central bank governors and representatives of civil society organisations. Additionally, senior officials from the private sector, financial institutions, banks, members of parliaments, shura councils, and academics will participate in the Spring Meetings.

World Bank Group President David Malpass and IMF Managing Director Kristalina Georgieva on Monday, 10th April, will kick off the Spring Meetings with a discussion on the complex challenges facing the global economy.2023 Spring Meetings will be held in Washington, D.C., from 10th to 16th April under the theme “The Way Forward: Building Resilience and Reshaping Development’’.Three years since the pandemic started, uncertainties and risks still weigh heavily on the global economy, according to the World Bank.Stubborn inflation, the cost-of-living crisis, and slower growth effects all of us, but especially hurts the poor and most vulnerable. Record high debt is holding back developing countries, and the effects of climate change are threatening lives and livelihoods around the world. On top of all this, the crisis in Ukraine and geopolitical fragmentation makes international coordination even more challenging. This conversation will explore how to better finance global public goods and address these challenges together.

The 2023 Spring Meetings brings together government officials from the IMF and WBG’s member states, observers and representatives of international, regional and economic organisations, as well as central bank governors and representatives of civil society organisations. Additionally, senior officials from the private sector, financial institutions, banks, members of parliaments, shura councils, and academics will participate in the Spring Meetings.