The United Arab Emirates, represented by the Ministry of Finance, participated in the high-level retreat organized by the International Monetary Fund and the World Bank Group, in Bretton Woods, New Hampshire, in the United States, on September 26 and 27, on the occasion of the 80th anniversary of the Bretton Woods Conference, which established the rules of the financial system. The modern global economy through the establishment of the International Monetary Fund and the World Bank Group.
The UAE delegation was headed by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs. The Ministry of Finance said, in a statement today, that the retreat focused on examining the possible paths of the global economy in the coming decades, as the participants, including His Excellency Ajay Banga, President of the World Bank Group, and His Excellency Kristalina Georgieva, Director General of the International Monetary Fund, discussed during the opening session “ An advanced world or a declining world,” the two possible paths that the global economy may follow (optimistic and pessimistic), and stressing the need to strengthen international cooperation to support the growth of the global economy in light of escalating geopolitical tensions and increasing protectionism that may lead to a slowdown in growth, especially in developing economies, The session also discussed the best ways through which the International Monetary Fund and the World Bank can support stability and progress. His Excellency Mohammed bin Hadi Al Husseini stressed the importance of the role played by the UAE in promoting economic stability at the international level. He pointed out that the UAE, through its continuous efforts to develop economic partnerships with countries and regional and international organizations, is working to build a strong economic network that contributes to enhancing global growth. His Excellency also highlighted the agreement signed by the UAE during the G20 Summit in 2023, which aims to establish the Indo-East European Economic Corridor, as an important step to enhance the resilience of global supply chains. His Excellency said in a statement about participation in the event: “Our participation in this historic retreat reflects the UAE’s commitment to working side by side with major international institutions such as the International Monetary Fund and the World Bank to enhance global economic stability, and we always look forward to playing an effective role in confronting global challenges. Especially in the areas of climate change and sustainable development, we also strive to achieve sustainable economic flexibility through strategic partnerships with various countries and global organizations.” His Excellency added: “The UAE, through its future vision and commitment to innovation, is ready to support global efforts in adapting to climate change and investing in advanced technologies, which enhances our ability to confront both economic and environmental challenges.”“.
It is noteworthy that the retreat included organizing several sessions over two days, including a session entitled “Restoring Ambition,” which discussed international future plans during the next 20 to 30 years, and their role in enhancing global economic stability, in addition to reviewing the lessons learned since the founding conference in 1944, and setting A vision that ensures the development and continuity of these institutions in line with global economic transformations, while a session entitled “The Challenge Front” dealt with assessing the extent of the success of the International Monetary Fund and the World Bank in aligning their roles with global financial and development needs and exploring the mechanism of adapting their tools, programs and partnerships to address emerging challenges such as climate change. In addition to focusing on identifying issues that deserve further exploration, including health aspirations.
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