“UAE Ministry of Finance Participates in MENAP Region Economic Growth Discussions at IMF Meeting”

2023-04-16 11:05:58

The UAE, represented by the Ministry of Finance, participated in the meeting of finance ministers, central bank governors, and heads of regional financial institutions in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, on the sidelines of its participation in the 2023 spring meetings of the World Bank Group and the International Monetary Fund, held in Washington, DC. From the 10th to the 16th of April.

The meeting discussed the main strategic issues and economic growth in the region, in addition to future prospects and fiscal policy requirements to combat inflation.

His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, participated in the meeting, which was chaired by Kristalina Georgieva, Managing Director of the International Monetary Fund, in the presence of a number of finance ministers, central bank governors, and heads of regional financial institutions for the Middle East, North Africa, Afghanistan, and Pakistan.

During the meeting, Al-Husseini thanked Kristalina Georgieva, stressing the importance of the efforts made by the International Monetary Fund to find appropriate solutions to deal with the various challenges facing the world today.

His Excellency said: “The economic indicators of the UAE are strong, as the growth rate is expected to reach 3.9% by the end of this year.” He pointed out that despite the economic resilience shown by the UAE and the region in general, many countries in the region are still vulnerable to instability. As indicated in the report prepared by the International Monetary Fund, which stresses the need to strengthen regional cooperation efforts and work with the International Monetary Fund to accelerate efforts to achieve financial sustainability and address the challenges of the need for borrowing, which is a major source of concern in light of expectations of long-term effects on financial balances and disruptions in structural development plans.

His Excellency praised the Fund’s directions to counter these effects by strengthening fiscal policy to ease inflation pressures and ensure economic stability in the region, especially since the continuation of the current economic challenges necessitate a choice between enhancing debt sustainability or achieving long-term sustainable development goals.

Concluding his speech, His Excellency stressed the need to discuss these issues extensively in the annual meetings to be held in Marrakech, and the need to address global strategic priorities related to advancing the agenda of sustainable development goals and growth that contributes to increasing social inclusion, and addressing the main issues that still affect climate finance. In line with the agenda of the COP28 Conference of the Parties, which will be hosted by the UAE later this year.

Source: WAM

1681643738
#UAE #participates #meeting #finance #ministers #central #bank #governors #region #Washington