UAE participates in the IMFC meeting

UAE participates in the IMFC meeting

ABU DHABI, 16th October, 2021 – Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, has participated in the International Monetary and Financial Committee (IMFC) meeting, which held on the sidelines of the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings.

The meeting, which was held virtually, sought to discuss the IMF Managing Director’s Global Policy Agenda.

A number of finance ministers of the IMFC member countries attended the meeting, which was chaired by Kristalina Georgieva, Managing Director of the International Monetary Fund.

In his intervention during the meeting, Al Husseini expressed his pleasure to continue productive collaboration with the IMFC members to contribute to advancing economic priorities and agenda.

Al Husseini stated that many of the IMFC members continue to effectively address the health response and the resulting economic challenges, noting that the fiscal and monetary policies put in place last year played a key stabilising role, more so for the private sector and particularly SMEs, which is an important driver of diversification and innovation efforts.

He said: “We welcome the IMF’s work on climate and its objective to expedite the recovery and build forward resilient and sustainable economies.

This can be achieved through strong collaboration with all stakeholders, including Ministries of Finance, Central Banks, and private sector.

The approach to climate must be comprehensive and inclusive of all aspects including adaptation and mitigation, which reflects the priorities of all members.

He added: “Our region remains committed to implementing the climate actions that fit within the Paris agreement framework.

To this end, two members of our constituency, Egypt and the UAE, have expressed interest in hosting COPs 27 and 28, respectively.

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He welcomed the establishment of the Resilience and Sustainability Trust (RST) of the IMF, where many countries represented in the constituency have expressed interest.

His Excellency emphasised the essential role the RST can play in supporting Low-and Middle-Income Countries.

He concluded his intervention by inviting all members to the innovation and sustainability-focused Expo 2020 in Dubai, “where a record 192 countries have come together to share innovations, promote growth and investment, and plan for a stronger and a more resilient future,” he said.