UAE shines at 2024 IMF-WB Spring meetings
The United Arab Emirates (UAE) successfully concluded its active participation in the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, held recently in Washington, DC. The delegation, led by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, engaged in a series of key meetings and events aimed at addressing global economic challenges and fostering international cooperation.
The meetings, which spanned from April 15 to April 20, brought together high-level officials including central bank governors, finance and development ministers, private sector executives, civil society representatives, and academics. Discussions centered on a range of critical topics such as global economic forecasts, development challenges for economies—particularly in developing countries—and strategies for comprehensive and sustainable development.
His Excellency Mohammed bin Hadi Al Husseini highlighted the significance of these gatherings in enhancing dialogue among stakeholders and emphasized the UAE’s commitment to collaborative efforts for accelerated global development. The delegation engaged in bilateral meetings with officials from Pakistan, Ethiopia, Poland, the United Kingdom, and the United States, focusing on expanding cooperation and addressing shared global challenges.
During the meetings, His Excellency Ibrahim Al Zaabi, Assistant Governor for the Monetary Policy and Financial Stability Sector at the Central Bank of the UAE, stressed the importance of dialogue in understanding global economic dynamics and fostering international cooperation. Discussions also revolved around enhancing the effectiveness of development financing, promoting sustainable growth, and finding solutions to economic challenges faced by developing nations.
The joint plenary session of the 109th meeting of the Development Committee (DC) of the World Bank Group and IMF highlighted the urgent need to address development challenges globally. His Excellency Mohammed bin Hadi Al Husseini emphasized the necessity of effective action to confront economic hurdles, particularly in developing countries, to ensure progress towards the 2030 Sustainable Development Goals.
Key points addressed during the sessions included:
1. Acknowledging disparities in global economic recovery, especially in fragile economies and conflict-affected regions.
2. Emphasizing the importance of stabilizing the global financial system and promoting sustainable development efforts.
3. Highlighting the UAE’s contributions to the global climate agenda, including commitments made at COP28 to triple renewable energy sources and promote climate-resilient infrastructure.
The UAE delegation also participated in specialized meetings such as the Middle East and North Africa Meeting (
MENAP), focusing on macroeconomic stability, debt sustainability, and strategies for resilient economic growth. Additionally, discussions in the G20 finance ministers and central bank governors meeting delved into financing requirements for climate goals and restructuring international financial rules for the modern era.
The UAE’s active engagement in these global forums underscores its commitment to fostering economic stability, sustainable development, and international cooperation, aligning with its vision for a prosperous and resilient global economy.
