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Alongside the annual meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, the UAE delegation participated in the meeting of the IMF’s International Monetary and Financial Committee yesterday. The meeting was held to discuss global economic development and prospects as well as the IMF’s plans to handle future economic challenges and support economic growth. The delegation also held a number of meetings with IMF and World Bank Group officials.
During the meeting, the delegation addressed several topics in regards to the global economy, including its growth and recovery. Despite the long-term policies that central banks have in place, participants highlighted that the pace of global recovery continues to be uneven and not as strong as expected.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, emphasised the Arab Group’s appreciation of the Fund’s work on policy priorities to raise medium term growth and stressed the need for the Fund to continue offering analysis and policy advice to support efforts towards inclusive and sustainable growth. In regards to the IMF’s quota reform, HE highlighted the importance of having a fair representation of Arab countries within the Arab Group. HE also stressed that the favourable shift in quota share towards dynamic emerging markets should not come at the expense of other developing countries.
Alongside the annual meetings, HE Obaid Humaid Al Tayer met with Dr. Shakoor Shaalan, Executive Director of the Arab Group at the International Monetary Fund. They discussed developments related to the increase of public shares and votes in the IMF’s fourteenth review, as well as means of increasing IMF support for Arab states. HE also met with Dr. Mirza Hassan, Executive Director of the Arab Group at the World Bank, to discuss the importance of supporting the development of programmes through co-financing and the World Bank’s contribution to joint developments in Arab countries. During the meeting, Dr. Mirza Hassan reviewed the preliminary results of a study conducted by the World Bank on Islamic economics, and discussed ways that the UAE can take advantage of this study.
The Minister also met with Dr. Jamal Kaba, Technical Support Manager at the World Bank, and Dr. Harold Wenger, Head of the IMF Mission to the UAE. HE discussed opportunities for mutual relations and the development of technical support programmes across various financial areas, as well as preparations for a visit from the Fund’s delegation to the UAE at the beginning of November. During a meeting with Dimitri Tistirajus, Vice President of the International Finance Corporation (IFC), the UAE delegation explored ways to enhance support for Arab countries, through increased funding, development of the private sector and job creation. The two parties also discussed increasing coordination between the IFC and the UAE and Egypt working group, to increase investment in Egypt.
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