THE IMF AND AUC WRAP UP FIRST MENA ECONOMIC RESEARCH CONFERENCE: STEERING MACROECONOMIC AND STRUCTURAL POLICIES IN A SHIFTING GLOBAL ECONOMIC LANDSCAPE
Jihad Azour, director of the IMF's Middle East and Central Asia Department, noted that
that trade tensions and increasing uncertainty affecting the global economy, alongside ongoing regional conflicts and climate risks, are creating new layers of complexities for MENA policymakers. Azour called for building a regional platform for dialogue and exchange of ideas that connects MENA to world-class research centers to provide reliable analysis and develop workable and innovative policy responses to old and new economic issues facing the region. 'We are deeply grateful to President Ahmad Dallal and AUC for their commitment to fostering dialogue, research, and policy innovation in the region.'
AUC President Ahmad Dallal highlighted the event's role as a vital platform in fostering collaboration between governments, academia and the private sector. 'This is about generating ideas that are globally informed but deeply rooted in the realities of our region,' he noted.
Dallal affirmed that this type of multi-stakeholder engagement is at the heart of AUC's mission and reflects the University's commitment to research, education, and open dialogue as drivers of stability, resilience, and inclusive growth.
Under the theme 'Steering Macroeconomic and Structural Policies in a Shifting Global Economic Landscape,' discussions centered on four pivotal issues shaping the future of the MENA region and the global economy: Fiscal Policy: With public debt at historic highs, experts stressed the importance of rebuilding fiscal buffers while tackling social inequalities, aging populations, and climate pressures. Proposals included reforms in fiscal frameworks and measures to mobilize revenues, including through multinational taxation and more progressive tax systems.
Monetary Policy: Participants reflected on the lessons of recent inflationary shocks, emphasizing the need for more preemptive and well-communicated policy responses to global shocks and sector-specific disruptions, particularly for emerging markets.
Industrial Policy: Speakers examined the renewed interest in industrial policy as a tool to drive inclusive growth, innovation, and climate resilience. The discussion highlighted the need to balance vertical strategies with horizontal reforms that promote private investment, trade integration, and productivity.
Green Transition and AI: The intersection of climate action and digital transformation sparked debate about their potential to reshape labor markets. Recommendations included investing in human capital, developing targeted safety nets, and aligning policy tools to support job creation in low-emission sectors.
Throughout the sessions, there was a clear consensus that the MENA region's economic resilience depends on institutional reforms, cross-border cooperation, and investment in skills and innovation . Participants also underscored the importance of embedding policy in local realities—an approach that both the IMF and AUC pledged to champion moving forward.
In addition to prominent global and regional academics, as well as economists and government officials from across the region, and representatives of international and regional organizations, the conference brought together policymakers, including Rania El Mashat, minister of planning, economic development and international cooperation, Egypt; Youssef Boutros-Ghali, member of the Specialized Council for Economic Development, Egypt; Mahmoud Mohieldin, United Nations special envoy on financing the 2030 Sustainable Development Agenda; and Martin Galstyan, governor of the Central Bank of Armenia.
As Nigel Clarke, IMF deputy managing director concluded, 'This conference is a milestone demonstrating the IMF's commitment to deepening engagement with the research and academic community, as we strive to ensure that the IMF support is not only responsive to the needs of member countries, but also built on rigorous tested analytics and importantly, it's aligned with local realities. Through this kind of multi-stakeholder dialogue, we aim to better understand how all our expertise and resources can be directed towards the most pressing challenges of the region.'
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