UAE takes part in MENAP Ministerial Meeting for Finance Ministers and Central Bank Governors 24 April 2025 The United Arab Emirates, represented by the Ministry of Finance and the Central Bank of the UAE (CBUAE), participated in the Ministerial Meeting of Finance Ministers and Central Bank Governors from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP), held on the sidelines of the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), taking place in Washington, D.C. from April 21 to 26. The meeting focused on discussing regional economic challenges amid persistent global uncertainty, and explored ways to advance inclusive growth. Participants also reviewed the IMF’s role in supporting economic stability and promoting sustainable development. The meeting was attended by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE. The meeting came at a time of exceptional global and regional economic conditions, marked by rising protectionist policies, escalating geopolitical tensions, and continued debt pressures. According to IMF projections, economic growth in the region is expected to slow down in 2025 and 2026 compared to previous forecasts—underscoring the need for enhanced regional coordination and the acceleration of structural reforms. Supporting Sustainable Growth The meeting addressed several key priorities, including the implications of global uncertainty on regional economies, national policy strategies in response to fiscal and monetary challenges, and the IMF’s role in fostering economic stability and long-term, sustainable growth. Building Capacities of Financial Institutions During the meeting, H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised the importance of continued constructive cooperation with the IMF to bolster economic stability and support sustainable reforms across the region. He praised the Fund’s essential role in providing policy advice and financial assistance to developing economies and those facing vulnerabilities. His Excellency stressed the need to expand the use of the Resilience and Sustainability Trust (RST) to cover additional development priorities, such as job creation, youth empowerment, non-oil sector growth, and advancing digital transformation initiatives. He also highlighted the importance of enhancing the institutional capacities of financial entities in the region and investing in local talent to empower them to respond to challenges effectively and with agility. Stimulating Innovation H.E. Al Hussaini reaffirmed the UAE’s commitment to supporting regional and international efforts aimed at helping economies restore growth momentum and achieve inclusive, sustainable development. He noted that enhancing economic governance, promoting innovation, and increasing investment in infrastructure and human capital are critical pillars for achieving long-term growth objectives in the region. Strengthening Partnerships His Excellency also stressed the importance of strengthening multilateral cooperation to address current economic challenges, noting that the region now requires flexible and pragmatic policy responses tailored to the specific circumstances of each country. He called for reinforcing regional and international partnerships that can offer practical, long-term development solutions—particularly in areas such as economic diversification, innovation, and human capital development. Concluding his remarks, His Excellency reaffirmed the UAE’s commitment to development through collaboration and joint solutions, expressing the country’s readiness to contribute to initiatives that promote financial stability and inclusive growth in the region and help shape a more resilient and integrated economic future.
