Laiba Shahzad
In a meeting with finance ministers, governors of central banks, and heads of regional financial institutions from the MENAP region, the Ministry of Finance of the United Arab Emirates was present. The gathering, which occurred in Washington, DC from April 10 to 16, was held related to the 2023 Spring Meetings of the World Bank Group and the International monetary fund. The attendees talked about strategic issues, regional economic growth, future prospects, and inflation-fighting fiscal policies.
The meeting which was presided over by Kristalina Georgieva the Managing Director of the IMF was attended by the Minister of State for Financial Affairs Mohamed Hadi Al Hussaini. Al Hussaini expressed gratitude to Georgieva and acknowledged the significance of the IMF in addressing global issues. He mentioned that the UAE’s financial standpoint is positive with inflation expected to drop to 3.2% before the year’s over and development of 3.9%.
Notwithstanding, Al Hussaini likewise featured that in spite of the district’s monetary versatility, certain nations stay powerless against worldwide vulnerabilities. He emphasized the necessity of regional collaboration efforts to address debt vulnerability, which is still a major concern. He lauded the Fund’s approach to utilizing fiscal policy to support economic stability and address inflationary pressures.
Al Hussaini brought his speech to a close by stressing the significance of continuing these discussions at the Annual Meetings in Marrakech. Additionally, he emphasized the significance of addressing climate finance issues and other global strategic priorities in accordance with the COP28 agenda, which the UAE will host later this year.
