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- Mohamed Al Hussaini: We stress the importance of continued work and constructive coordination with Committee members to achieve economic stability, support low-income countries, maintain growth and prosperity, and strengthen future readiness
- Mohamed Al Hussaini: The IMF’s role in sustaining and supporting the global recovery is crucial
- The meeting discussed recent developments in the global monetary and financial system, global policies and issues, and pathways to stability and global economic recovery
WASHINGTON: The United Arab Emirates, represented by the Ministry of Finance, participated in a meeting of the International Monetary and Financial Committee (IMFC) on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund. April 10-16 at the IMF in Washington, DC. The meeting discussed the latest developments in the international monetary and financial system, as well as pathways to stability and global economic recovery.
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Finance, led the UAE delegation to the IMF’s International Monetary and Financial Committee meeting. Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, attended the meeting together with a number of finance ministers from member countries of the International Monetary and Financial Committee. Ms. Nadia Calvinho, First Vice President and Minister of Economy and Digitalization of Spain, chaired the meeting.
His Excellency Al Hussaini thanked Ms. Kristalina Georgieva and emphasized the importance of continued work and constructive coordination with Committee members to achieve economic stability, support low-income countries, maintain growth and prosperity, and strengthen future readiness. “These junctures are difficult for policymakers around the world as they find themselves facing significant headwinds,” His Excellency said. In an environment of high public debt, persistently high inflation, limited fiscal space and rapidly tightening monetary policy The post-pandemic recovery is in jeopardy under these conditions. This is particularly important for emerging market and developing economies (EMDEs), including low- and middle-income countries.”
Your Excellency noted that the IMF’s role in sustaining and supporting the global recovery is critical, through tailored policy advice, flexible financing mechanisms and enhanced capacity building. Your Excellency added: “We believe that expanding access to the IMF’s enhanced lending toolkit, including increased access restrictions, access to the food shock window, and new lending policies in times of exceptional uncertainty, would be important to assist member countries could be crucial. We also applaud the efforts to expedite the implementation of the Common Framework.”
His Excellency Al Hussaini noted that the Resilience and Sustainability Trust (RST) can address challenges affecting EMDEs, such as climate change and the impact of the COVID-19 pandemic, and strengthen pandemic preparedness. Your Excellency also reiterated the importance of strengthening private sector participation.
Your Excellency concluded by saying that the IMF needs to be strong, quota-based and well-resourced to be able to carry out the important tasks it is being asked to do, especially in the current difficult global environment. Your Excellency stated: “The timely and successful completion of the 16th General Review of Quotas is critical. This is critical to ensuring the effectiveness and efficiency of the IMF.”
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