UAE Strengthens Global Economic Stability with $400 Million Pledge to IMF Funds

UAE, 26 December, 2024 : The UAE has signed two key agreements with the International Monetary Fund (IMF) to contribute to the Resilience and Sustainability Trust Fund (RSTF) and the Poverty Reduction and Growth Trust (PRGT). The signing occurred during the World Bank and IMF annual meetings in Washington, D.C., underscoring the UAE’s commitment to global economic stability and sustainable development.

H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation, including senior officials from the Ministry of Finance and Central Bank. Al Hussaini highlighted the UAE’s leadership in addressing global challenges and reaffirmed its dedication to empowering low- and middle-income countries through sustainable development initiatives.

The UAE pledged $200 million (AED 735 million) to each fund. The PRGT aims to support low-income countries by providing interest-free financing to combat inflation, food insecurity, and debt challenges. Meanwhile, the RSTF focuses on enhancing climate resilience and pandemic preparedness in vulnerable economies.

These contributions align with the UAE’s broader goals, including hosting COP28 in November 2023, to promote green infrastructure and resilience against climate challenges. Al Hussaini emphasized that financial stability is integral to sustainable development, positioning the UAE as a key player in shaping the global economic landscape.