Dubai [UAE], United Arab Emirates concluded its participation in the 2024 Spring Meetings of the International Monetary Fund and the World Bank Group held in Washington DC, where key ministerial meetings and events were held during the period 17-19 April. Programs and activities were organized during this period. 15-20 April H.E. Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, led the state delegation, which included H.E. Ibrahim A. Zaabi, Assistant Governor of the Monetary Policy and Financial Stability Sector at the Central Bank of the United Arab Emirates. Emirates, His Excellency Ahmed Al Qamzi Assistant Governor – Banking and Insurance Supervision at the Central Bank of the UAE, and Ali Abdullah Sharafi, Acting Assistant Secretary for International Financial Relations at the Ministry of Finance, Hamad Issa Al Zaabi, Director of the Office of His Excellency Financial Affairs Thuraya Hamid Al Hashemi, Minister of State, Director of International Financial Relations and Organizations at the Ministry of Finance, and a number of experts from the Ministry of Finance and the Central Bank of the UAE The 2024 Spring Meetings will discuss common global interests, including global economic forecasts and development challenges for countries' economies. It will bring together central bank governors, finance and development ministers, members of parliament, representatives of civil society organisations, private sector executives and academics to discuss the issue. The needs of developing financing policies, particularly for developing countries and broader development and other activities that focus on the development of the global economy and global financial system policies, were discussed by His Excellency Mohammed bin Hadi Al Husseini at the spring meetings of the International Monetary Fund (IMF). Emphasized the importance of the issues.Their role in enhancing dialogue between the FUN and the World Bank Group and all parties involved in the discussion on these issues, to combine joint efforts to accelerate comprehensive and sustainable development, and to move towards a global development path with resilience and resilience. This emphasizes the UAE's keenness to His Excellency also held meetings with the Finance Ministers of Pakistan, Ethiopia, Poland, the United Kingdom and the United States, where during their participation discussions were held to expand the horizons of joint cooperation and integrate international cooperation efforts to solve global challenges. Hui. Speaking at the 2024 Spring Meetings of the International Monetary Fund and the World Bank Group, His Excellency Ibrahim Al Zaabi emphasized that participation in the meetings and accompanying events will facilitate dialogue and exchange of views among member states on the global economy and economic development. There is an opportunity to increase exchanges. Development prospects that help to develop areas of international cooperation and stabilize the global financial system, advance sustainable development efforts and find effective solutions, as well as through the exchange of experiences and the building of Member State technical capacities and Focuses on the importance of enabling them to promote sustainable. Development On the occasion of chairing the joint plenary session of the 109th meeting of the Development Committee (DC) of the World Bank Group and the International Monetary Fund, titled "From Vision to Impact: Development of the World Bank Group," His Excellency Mohammed bin Hadi Al Husseini Emphasized the importance of addressing development challenges urgently and effectively and discussing them openly, and expressed its optimism about the recovery of major economies, which is beginning to show signs of recovery after profound transformations.As the world has witnessed over the past four years, at the same time, Her Excellency warned of turbulent recovery prospects for developing countries, looming as a slowdown in achieving the 203 Sustainable Development Goals, at a time when many countries are growing due to weak Are exposed to restrictions. growth and high debt repayment burden, leading to poverty and other problems. economic and social challenges, His Excellency sought to unite the efforts of the international community, define a new path of action to tackle emergencies arising from poverty, improve the effectiveness and operational efficiency of the World Bank, and meet the financing needs of projects Called for working towards implementation. In addition to finding tools, increasingly transformative projects, especially for energy, water, health and digital transformational infrastructure. New solutions for crisis preparedness and response by activating financing instruments in partnership between development finance institutions and the private sector, and other mixed and sustainable financing solutions The Development Committee (DC) is a ministerial forum for the World Sanctions Group and the International Monetary Fund Is.Fund to build inter-governmental consensus on development issues. Its mission is to advise the Board of Governors of the World Bank and the International Monetary Fund on important development issues and the financial resources needed to promote economic development in developing countries. It meets twice a year during the spring meetings and annual meetings of the World Bank Group and the International Monetary Fund. Plenary sessions of the International Monetary and Financial Committee (IMFC) oversee consideration of the global policy agenda developed by the International Director-General. The title of the Monetary Fund is "Reconstruction, Recovery, and Renewal".His Excellency Mohammed bin Hadi Al Husseini delivered a keynote address at the Plenary Session, in which he noted that the recovery of the global economy remains uneven, particularly in countries with fragile economies and those affected by them. Conflict, as they unevenly bear the burden of ongoing geopolitical developments and more stringent global financial conditions. He touched on some of the global challenges related to rising interest payments, general depletion of protective reserves and limited growth prospects in the medium term. The need for closer coordination between the International Monetary Fund and the World Bank Group and to ensure food and food security, particularly in emerging market and developing economies, was stressed. promoting energy, trade, supporting economies that need to reduce debt, and providing financing for climate adaptation while supporting climate change efforts, and ensuring countries' success in implementing stabilization efforts. Emphasized the priority of continuing flexible and adequate support from the Fund.Reform agenda His Excellency reviewed the UAE's successes in promoting the global climate agenda at the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which it hosted last year. It saw an unprecedented debate on properly regulated and equitable use of all fossil fuels in energy systems, in addition to a historic commitment to triple renewable energy sources by 2030, double global energy efficiency and halt deforestation. The International Monetary and Financial Committee (IMFC) is responsible for advising and reporting to the IMF Board of Governors as it manages and shapes the international monetary and financial system. The Committee also monitors global liquidity developments, transfers resources to developing countries, and deals with current events that may disrupt the global monetary system. and the Financial System Committee meets twice a year during the spring meetings and the annual meeting of the International Monetary Fund, to discuss issues affecting the global economy, advise the International Monetary Fund on the direction of its work, and meet at meetings At the end of the meeting issues a statement summarizing the views of the committee members to provide guidance for a work programme, which is agreed.During the Spring Meetings or the half year preceding the next Annual Meetings of the International Monetary Fund there is no formal vote in the International Monetary and Financial Committee which generally acts by consensus. The meetings the UAE delegation participated in included "the Middle East and the North". Africa meeting (MENAP), which discussed macroeconomic stability and debt sustainability, addressing geopolitical challenges, improving medium-term growth prospects, the impact of uncertainty, and strategies to maintain stability during shocks. The right mix of monetary and fiscal policies, the structural reforms needed to make economies more resilient to downside risks, and transformative climate and technology reforms to accelerate a balanced recovery are needed Second Meeting of G20 Finance Ministers and Central Bank Governors (FMCBG ) discussed financing needs to achieve sustainable transition and climate goals and the restructuring of international financial rules for the twenty-first century, and reviewed the views of G20 Finance Ministers and Central Bank Governors on how to enhance G20 cooperation and coordination. Can work for. , between public institutions such as multilateral development banks, public banks and green funds, as well as relevant private sector actors.(ANI/WAM)