UAE Joins High-Level Bretton Woods 80th Anniversary Retreat

UAE, 6 December, 2024 :  The UAE, represented by the Ministry of Finance, joined a high-level retreat hosted by the International Monetary Fund (IMF) and World Bank in Bretton Woods, New Hampshire, on September 26-27. The event commemorated 80 years since the Bretton Woods Conference, which established the modern global financial system and led to the creation of the IMF and World Bank.

Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation engaged in discussions on the global economy's future, addressing challenges such as rising protectionism and geopolitical tensions. Key figures, including World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva, debated optimistic and cautious scenarios for global economic trajectories.

H.E. Al Hussaini highlighted the UAE’s role in fostering global economic stability and building strategic partnerships, referencing the UAE's agreement to establish the East European Indo-Economic Corridor at the 2023 G20 Summit. He reaffirmed the UAE’s commitment to addressing global challenges, particularly in sustainability and climate change adaptation.

Sessions explored long-term global economic plans, the evolution of financial institutions since 1944, and how the IMF and World Bank can address emerging challenges through innovative tools and partnerships. The retreat underscored the importance of international cooperation for global growth and stability.