UAE to participate in WBG-IMF 2023 Spring Meetings

By Arya M Nair, Official Reporter
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2023 Spring Meetings
Image Courtesy; IMF

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

The UAE delegation is headed by His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs.

His Excellency 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.

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

The meeting was chaired by HE Al Hussaini alongside Mr. David Malpass, President of the World Bank Group, and Ms. Kristalina Georgieva, Managing Director of IMF. 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.

Mohamed Hadi Al Hussaini_UAE at 2023 Spring meetings
Mohamed Hadi Al Hussaini
Minister of State for Financial Affairs

“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 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 organize seminars, sessions and events that focus on the global economy, international development, and global financial markets.

His Excellency 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, His Excellency 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 Ms. Georgieva. The meeting will discuss key strategic issues and economic growth in the region, in addition to 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 organizations, as well as central bank governors and representatives of civil society organizations. Additionally, senior officials from the private sector, financial institutions, banks, members of parliaments, Shura councils, and academics will participate in the Spring Meetings.

Related: UAE participates in 2nd IFA WG meeting within G20 Finance Track for 2023