UAE explores collaborations with global financial organizations

The UAE team led by Mohamed Bin Hadi Al Hussaini during a meeting with the delegation in Washington.

Mohammad bin Hadi Al-Husseini, Minister of State for Finance, held bilateral meetings with senior officials of several international financial organizations and institutions on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) ( International Monetary Fund), he led the UAE delegation and chaired the Joint Development Committee.

These bilateral meetings discussed various issues of global concern, such as global economic growth projections, climate change, strengthening and developing joint cooperation in various financial, economic and development fields.

Husseini met with U.S. Treasury Undersecretary Worley Adeyemo. The two sides discussed ways to strengthen the joint strategic relationship and enhance areas of cooperation and coordination between the UAE and the United States to serve the mutual interests of both countries.

Al Hussaini also met Makhtar Diop, Managing Director of the International Finance Corporation (IFC), accompanied by Ambassador Majid Al Suwaidi, Director General and Special Representative of COP28, and senior IFC officials. The meeting discussed the upcoming COP28 agenda and priorities, as well as other global development priorities on the sustainable development and climate agendas. IFC expressed strong appreciation for the UAE’s broad support for global efforts to increase investment in emerging markets, and outlined areas where IFC hopes to strengthen its partnership and presence in the UAE. The chair of this year’s COP28 was cited as providing a good opportunity to extend the collaboration between IFC and the UAE to the overall climate agenda, with a focus on financing the climate transition in emerging markets and the importance of enhancing climate change adaptation in the water sector .

Additionally, Al Hussaini met with Dr. Ferid Belhaj, World Bank Vice President for the Middle East and North Africa Region, where they discussed opportunities to advance climate finance cooperation and reviewed the World Bank’s skills upgrading and capacity building programmes. The meeting was attended by Akihiko Nishio, World Bank Vice President for Development Finance; and Ethiopias Tafara, Vice President and Chief Risk, Legal and Administrative Officer, World Bank Group Multilateral Investment Guarantee Agency (MIGA).

Deputy Finance Minister Younis Haji Al Khoori met with Ms Manal Corwin, Director, Center for Tax Policy and Administration, Organization for Economic Co-operation and Development (OECD), and reviewed the latest developments in the Ministry of Finance. The latest reforms in the international tax agenda and the UAE tax system, to be implemented in June 2023.

Ms Corwin praised the country’s efforts to transform from a duty-free zone to a state with an advanced and extensive tax regime that meets international tax compliance requirements. Your Excellency underscored the need to be flexible and provide all the requirements to work with the Center team, in particular the UAE’s commitment to address harmful tax practices under the OECD’s Base Erosion and Profit Shifting Pillar (BEPS).

Al Khoori also held a bilateral meeting with Mark Bowman, Vice President for Policy and Partnerships at the European Bank for Reconstruction and Development (EBRD). The meeting sought to discuss ways to increase investment to achieve sustainable development goals and climate finance in developing countries. The two sides also discussed the importance of the G20 conducting an independent review of the role that multilateral development banks (MDBs) can play in stimulating resource liberalization and accelerating reforms to improve the financing capacity of MDBs. Your Excellency mentioned that the first global assessment of the Paris Agreement will be conducted during COP28 to determine the correctness of the path, expand the role of multilateral development banks as major players, and ensure positive development in the climate field.

In addition, the United Arab Emirates, represented by the Ministry of Finance, participated in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) regional meeting of finance ministers, central bank governors and heads of regional financial institutions.

The meeting, held April 10-16 in Washington on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), discussed key strategic issues and economic growth in the region, in addition to future Outlook and Fiscal Policy Requirements to Fight Inflation.

Mohammad Hadi Husseini participated in a meeting chaired by IMF Managing Director Kristalina Georgieva. A number of finance ministers, central bank governors and heads of regional financial institutions from the MENAP region attended the meeting.