UAE Participates in 2024 Spring Meetings of IMF and WBG

The United Arab Emirates, represented by the Ministry of Finance, announced its participation in the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) taking place in Washington D.C., from 15 to 20 April 2024.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, will head the UAE delegation, which includes Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, Hamad Essa Al Zaabi, Director of the Office of His Excellency Minister of State for Financial Affairs, Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the Ministry of Finance, and several specialists from the Ministry of Finance and the Central Bank of the UAE.

On the sidelines of the Spring Meetings, Mohamed Al Hussaini will participate in the second G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting lead under the Brazilian presidency for the year 2024, and will deliver a keynote at the International Monetary and Financial Committee (IMFC) plenary, and chair the joint WBG-IMF Development Committee plenary.

The Minister will also meet with the IMF Managing Director Kristalina Georgieva and other participating finance ministers, central bank governors, and heads of regional financial institutions of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region. On the UAE’s participation in the upcoming Spring Meetings, Mohamed Bin Hadi Al Hussaini emphasised the importance for further global collaboration to establish effective and sustainable solutions for all developmental needs. His Excellency also emphasised the critical role of the Spring Meetings of the IMF and WBG as a platform to facilitate extensive dialogue among a wide range of key stakeholders.

He said: “The UAE Ministry of Finance will aim to advance discussions on macroeconomic stability and debt sustainability, as well as address the ripple effects of geopolitical challenges on global trade and medium-term growth prospects. In the context of the current landscape, it will be vital to strengthen multilateral efforts to accelerate sustainable development and push the world towards an inclusive and resilient path.”

The Spring Meetings of the International Monetary Fund and the World Bank Group will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. The meetings will also feature seminars, regional briefings, press conferences, and other events focused on the global economy, international development, and the world’s financial system. The main ministerial meetings and events will take place between 17 and 19 April, with other sideline events and activities taking place during the week between 15 and 20 April. Separately, the United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE (CBUAE), participated in the first BRICS Finance Ministers and Central Bank Governors meeting held on February 27 in São Paulo, Brazil. The UAE delegation included Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the CBUAE, Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the UAE Ministry of Finance, and Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Department at the UAE Ministry of Finance.

Commenting on the sidelines of the UAE’s participation, Mohamed Al Hussaini emphasised the importance of the first meeting of 2024 under the Russian presidency of the BRICS group. He highlighted the aspirations of the UAE, which is a global hub for trade and economic development, to play an active role within the group. He noted that BRICS has been developing its role since the beginning of the year, following the addition of six new countries, including the UAE.

This gives BRICS a strong push towards enhancing its position in achieving the group’s goals and strengthening its role in international cooperation towards sustainable development. He said, “We collaborate with the BRICS nations to establish sustainable development policies, effective financing solutions, and an advanced digital infrastructure. We also enhance cooperation across various business sectors between emerging and developing economies, establish governance frameworks on a global level, and exchange expertise in infrastructure financing in partnership between the public and private sectors.

“This contributes to the promotion of international cooperation and the coordination of financial and economic policies to support stability, development, prosperity, and benefits the world’s nations.”

He added, “We look forward to more fruitful collaboration among the group’s nations, which are increasing in importance and role in international affairs by seeking collective solutions to the most pressing challenges of our time.”