UAE concludes participation in 2025 Spring Meetings of World Bank Group, International Monetary Fund
26 Apr 2025 22:22
WASHINGTON (ALETIHAD) The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, DC, from April 21 to 26.The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action.The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations.
Enhancing economic resilience Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system.Al Hussaini stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.'He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.'For his part, Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility."'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions," Balama added.During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors.In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development.Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives.During the meeting, Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies.He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation. He also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development.The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa.Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals.During a dedicated session on development challenges in Africa, Al Hussaini reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent.Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability.In his remarks, the minister noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development.He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing.The minister noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts.He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies.
Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
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