CBUAE & IMF hold discussion to enhance global economic growth

By Arya M Nair, Official Reporter
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CBUAE_IMF economic cooperation
Officials at bilateral meeting

The Central Bank of the United Arab Emirates (CBUAE) and the International Monetary Fund (IMF), have explored bilateral relations between the two parties.

His Excellency Khaled Mohamed Balama, Governor of CBUAE & Ms. Kristalina Georgieva, Managing Director of IMF, discussed efforts by the IMF and central banks towards enhancing the integrity of the financial system and supporting global economic growth.

The two parties examined ways to enhance cooperation and advance the strategic partnership between CBUAE and IMF, particularly in the field of sustainable financing at the upcoming 2023 UN Climate Change Conference (UNFCCC COP28) hosted by the UAE. The CBUAE’s ambitious agenda for green financing, aligned with the UAE’s strategy for sustainable economic growth and financial stability, was also a key topic of discussion.

Khaled Mohamed Balama_CBUAE_IMF economic cooperation
Khaled Mohamed Balama
Governor – CBUAE

“We welcome all efforts to strengthen our cooperation and relations with international financial institutions, particularly the International Monetary Fund (IMF). The UAE acknowledges the role these ties play in supporting our efforts to establish sustainable growth in various sectors and in enhancing the UAE’s position on the global stage and its contribution to providing effective solutions that ensure financial stability, drive global economic growth, and encourage sustainable development.”

Other topics discussed during the meeting included sustainable development indicators, economic growth, and the developments in the UAE’s financial system whereby the UAE is expected to maintain healthy levels of GDP growth in 2023, despite global challenges. This growth is attributed to growth in non-oil GDP and the UAE’s commitment to diversification, knowledge, innovation, and digitization, which has contributed to the distinguished resilience and stability of the country’s financial system.

The two parties also addressed the current and projected state of the regional and global economy amidst growing geopolitical tensions, which have led to a slowdown in economic growth, higher inflation, and an increase in risks that impede trade and capital flows.

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