Sharjah 24 – WAM: 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 Calviño, Spain’s First Vice President and Minister for Economy and Digitalisation chaired the session.

Al Hussaini thanked Kristalina Georgieva and stressed on 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.

He 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.

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.