April 16, 2023
2 mins read

UAE participates in IMF meeting

The meeting discussed the latest developments in the international monetary and financial system and ways to achieve stability and global economic recovery…reports Asian Lite News

The UAE, represented by the Ministry of Finance, participated in the International Monetary and Financial Committee (IMFC) meeting, which was held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, D.C., from the 10th to 16th April.

The meeting discussed the latest developments in the international monetary and financial system and ways to achieve stability and global economic recovery. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation participating in the IMF’s IMFC meeting. Kristalina Georgieva, Managing Director of the IMF attended the meeting, alongside a number of finance ministers from the IMFC member states. Nadia Calvino, Spain’s First Vice President and Minister for Economy and Digitalisation chaired the session.

Al Hussaini thanked Kristalina Georgieva and stressed the significance of continuous work and constructive coordination with the committee members to achieve economic stability, support low-income countries, maintain growth and prosperity and enhance future readiness.

“The current juncture is difficult for policymakers across the world, as they find themselves faced with significant headwinds. In an environment where public debt is notably high, inflation remains elevated, fiscal space is limited, and monetary policy is rapidly tightening, the post-pandemic recovery is in jeopardy. This is particularly concerning for emerging market and developing economies (EMDEs), including low and middle-income countries.”

Al Hussaini noted that the IMF’s role in sustaining and supporting the global recovery is paramount, and can be effective through tailored policy advice, flexible financing mechanisms, and enhanced capacity development.

He added, “We believe that expanding accessibility to the Fund’s enhanced lending toolkit, including increased access limits, access to the food shock window, and new policy for lending under exceptional uncertainty, can be pivotal in assisting the membership. We also commend the efforts to accelerate the implementation of the common framework.”

Al Hussaini pointed out that the Resilience and Sustainability Trust (RST) can cover challenges affecting EMDEs, such as climate change and the repercussions of the COVID-19 pandemic, as well as enhancing pandemic preparedness. He also reiterated the significance of enhancing private sector participation.

Al Hussaini concluded his speech by saying that the IMF needs to be strong, quota-based, and adequately resourced to be able to carry out the important tasks that are required from it, especially in the current difficult global environment.

“A timely and successful completion of the 16th General Review of Quotas is essential. This is critical to ensure the IMF’s efficacy and efficiency,” he said, in conclusion. (ANI/WAM)

ALSO READ-UAE steps up anti-money laundering efforts

Previous Story

UNESCO report reveals $97bn barrier to reaching education targets

Next Story

UAE, Brazil issue joint statement following Lula’s state visit

Latest from -Top News

Riyadh and Islamabad Forge Closer Military Ties

Saudi Arabia and Pakistan strengthen defence ties as shifting regional dynamics push both nations to seek new security alignments Saudi Arabia and Pakistan have deepened their long-standing military partnership by agreeing to

Iran Warns of ‘Strategic Surprises’

Mousavi assured Iranians that the country’s armed forces, relying on strategic surprises, stand fully prepared to confront any threat from “oppressive powers” Major General Abdolrahim Mousavi, Chief of Staff of Iran’s Armed

New York summit for two states

France and Saudi Arabia host a New York summit on Palestinian statehood, with global leaders set to recognise Palestine despite Israel and US boycotts and threats. France and Saudi Arabia will host

Dubai’s big startup bet!

H.H. Sheikh Mohammed launches bold national campaign to transform the UAE into the world’s startup capital, training 10,000 Emirati entrepreneurs and creating 30,000 jobs by 2030. Dubai’s ruler, His Highness Sheikh Mohammed

Piyush Goyal in US for Trade Talks

Goyal’s trip to the US capital follows the visit of the US team of officials to Delhi on September 16….reports Asian Lite News Union Minister for Commerce and Industry Piyush Goyal was
Go toTop

Don't Miss

‘UAE Financial Wealth Set to Reach $1.3T by 2027’

UHNW Individuals Remain Major Contributors to UAE’s Wealth Growth…reports Asian

India imposes new export duty on onions

The UAE is among the biggest markets for Indian onions