His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in the virtual International Monetary and Financial Committee (IMFC) meeting, which was held within the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The meeting sought to discuss the rising economic and financial challenges facing middle-income countries (MICs), climate change priorities for the Middle East, and humanitarian challenges in fragile and conflict-affected situations (FCS).
During the meeting, His Excellency Mohamed Bin Hadi Al Hussaini underscored the efforts made by the IMF to contribute to achieving global economic recovery. His Excellency also supported the establishment of the Resilience and Sustainability Trust (RST) to combat the longer-term structural challenges faced by middle-income countries, in order to achieve financial inclusion and sustainability of public finances, create job opportunities, and promote economic diversification and digitisation.
His Excellency noted that there are key topics that need to be addressed by the IMF ahead of important international events. These events include the hosting of the 27th session of the Conference of the Parties (COP 27) to the United Nations Framework Convention on Climate Change (UNFCCC) by Egypt, which will be focused on climate change adaptation, and the UAE hosting of COP 28 in 2023, which will focus on climate change. “The ongoing geopolitical developments that the world is witnessing today have led to an increased interest in other issues such as energy security,” His Excellency stated.
His Excellency added: “Precautionary lending is an excellent instrument that is part of a global financial safety net to help countries deal with the effects of shocks. Accordingly, we call on the IMF to develop means of encouraging member countries to use it, and to pay special attention to the needs of fragile and conflict-affected states, as well as refugee-hosting countries, which continue to face significant challenges due to the COVID-19 pandemic and the ongoing geopolitical developments.”
The IMFC meetings are part of the World Bank/IMF Spring Meetings, during which advice and reports are provided to the IMF Board of Governors on supervision and management of the international financial and monetary system, including response to current events that may disrupt the system.
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