UAE Wraps Up Participation in World Bank and IMF Annual Meetings in Washington

UAE, 27 December, 2024 : The UAE, represented by the Ministry of Finance and the Central Bank, concluded its participation in the annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), held in Washington, DC, from Oct. 21 to 26.

Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation included senior officials and specialists from both entities. Discussions addressed global economic challenges, development finance, and innovation in tackling issues like poverty eradication, financial stability, and climate change.

Strategic Role and Innovation

H.E. Al Hussaini emphasised the UAE’s commitment to fostering financial stability and sustainable development while promoting innovation through digital infrastructure and public-private collaboration. He reiterated the UAE’s dedication to the Paris Agreement and supporting global sustainable development goals.

Development and Financial Committees

As chair of the 2024 WBG-IMF Development Committee, Al Hussaini highlighted efforts to enhance the World Bank’s financial capacity and operational efficiency. Discussions explored innovative financial tools, such as green bonds, to support climate-friendly projects.

At the International Monetary and Financial Committee session, members addressed global trade slowdowns, geopolitical tensions, and record levels of public debt. Al Hussaini underlined the importance of multilateral cooperation in tackling economic challenges and safeguarding trade.

Engagement at G20 and Regional Levels

The UAE delegation participated in the G20 Finance Ministers and Central Bank Governors meeting, discussing reforms to multilateral development banks and strategies to promote financial inclusion and digital innovation. Bilateral meetings with delegations from Pakistan and India and a joint session with Middle East and GCC counterparts further strengthened ties.

Showcasing UAE’s Financial Leadership

On the sidelines, the Ministry of Finance, Central Bank, and UAE Embassy in Washington hosted a reception to promote UAE’s financial sector and enhance global partnerships. The event highlighted the UAE’s leading role in international finance and innovation.