UAE Concludes Participation in the Annual Meetings of the IMF and WBG in Marrakech
16 October 2023
16 October 2023
The UAE, represented by the UAE Ministry of Finance, concluded its participation in the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Marrakech, from October 9 to 15, 2023.
The global event, hosted on the African continent for the first time in 50 years, was attended by finance ministers, central bank governors and representatives from 189 countries. The UAE delegation, headed by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, extended an invitation to finance ministers from countries around the globe to attend Finance Day, which will be held on December 4 during the 2023 United Nations Climate Change Conference (COP28) in Expo City Dubai.
On the meetings’ sidelines, during His Excellency Al Hussaini’s participation at the International Monetary and Financial Committee (IMFC) meeting, the UAE announced the allocation of US$200 million (AED735 million) to finance the Poverty Reduction and Growth Trust (PRGT), as part of its efforts to expand soft loans to low-income countries.
The UAE delegation attended the fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG), where the ministers and governors approved a joint statement highlighting the priorities of the G20 under India’s presidency. They were also briefed about Brazil’s priorities for the next presidency of the G20 in 2024.
His Excellency Al Hussaini, attended the Arab Governors meeting with Mr. Ajay Banga, President of the World Bank Group. The meeting discussed large-scale solutions to address poverty, enhance shared prosperity, ensure equality, and confront global development challenges, including climate, epidemic prevention and preparedness, and biodiversity conservation in the Arab countries.
The participants highlighted the importance of the World Bank Group’s continued support to countries in narrowing the skills and digital technology gap to ensure strong, resilient, sustainable, and equitable economic growth for all. They also emphasized the need for mobilizing private capital by developing new scalable platforms, diversifying existing products, exploring new partnership models, and reaching out to new investors.
The attendees noted the importance of the World Bank’s continued presence and participation in resolving conflicts and challenges related to the flow of refugees and displaced persons, which require greater intervention. They also called on the World Bank to participate in climate change mitigation and adaptation efforts by following a comprehensive approach consistent with the Paris Agreement and other relevant international agreements, and with the sustainable development goals, emphasizing the importance of achieving emissions reduction goals and supporting investment in low-emission technology, including renewable energy and energy efficiency optimization.
The UAE delegation also participated in the annual general meetings, as His Excellency Mohamed bin Hadi Al Hussaini led the Arab Group countries at the IMFC meeting, which discussed the latest developments in the international monetary and financial system, key strategic issues, economic growth in the region and future prospects, protecting macroeconomic and global financial stability, and requirements for fiscal policies to battle inflation, maintain debt sustainability, and consolidate sustainable growth. The meetings also addressed the “Building Shared Prosperity and Collective Resilience” report.
The UAE delegation also participated in the Middle East, North Africa, Afghanistan and Pakistan meeting with the Managing Director of the International Monetary Fund. During the meeting, the UAE called for continued prioritization of enhancing efforts to provide climate finance, by helping to shape financing frameworks and cooperation between countries. The UAE also highlighted that the COP28 Presidency is committed to working with all parties to lay the foundations of a new global framework around a common vision on climate finance.
The UAE also reiterated its commitment and call to focus on job creation and gender equality, to confront the challenges facing emerging and developing economies, calling for more structural reforms to confront macroeconomic pressures through economic diversification and increasing private sector growth and foreign investment to achieve comprehensive growth.
The UAE delegation, headed by His Excellency Al Hussaini, held meetings to discuss ways to enhance financial and economic cooperation with the Kingdom of Morocco, Kuwait, Qatar, Pakistan, the Federal Republic of Somalia, and Jersey. They also met with officials from international organizations, including the World Bank Group, the International Finance Corporation, the Organisation for Economic Co-operation and Development, the International Monetary Fund, and the African Development Bank Group.
The UAE Ministry of Finance, in cooperation with the Central Bank of the UAE, hosted a reception for UAE banks, in the presence of senior officials from the Dubai International Financial Centre, First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank, and National Bank of Fujairah.