NEW HAMPSHIRE: The UAE, represented by the Ministry of Finance, took part in a high-level retreat organised by the International Monetary Fund (IMF) and the World Bank Group in Bretton Woods, New Hampshire, from 26th to 27th September 2024.
The gathering marked the 80th anniversary of the Bretton Woods Conference, which established the foundations of the modern global financial system and led to the creation of both the IMF and the World Bank. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
The retreat featured various discussions on the future of the global economy, exploring potential trajectories over the coming decades. During the opening session, titled ‘A better world, or a bad one?’ key participants-including Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF-debated two possible paths for the global economy: one optimistic and one more cautious.
The discussions also highlighted the need for stron
ger international cooperation to sustain global economic growth in the face of increasing geopolitical tensions and rising protectionism, which pose particular challenges to developing economies.
Additionally, the session addressed the role that the IMF and World Bank must play in promoting stability and fostering progress, particularly as the world grapples with uncertainties that threaten to slow global development.
Al Hussaini emphasised that the UAE plays a vital role in fostering economic stability at the global level, adding that the UAE, through its consistent efforts to build strategic economic partnerships with various countries and international organisations, is seeking to create a strong economic network that drives global growth.
He referred to the UAE’s agreement signed at the 2023 G20 Summit to establish the East European Indo-Economic Corridor (EEC), marking a key initiative to strengthen the resilience of global supply chains.
‘Our participation in this historic retreat reflects the UAE’s
commitment to collaborating with major international institutions like the International Monetary Fund and the World Bank to support the global economic stability,’ Al Hussaini said in his statement. ‘We are always keen to play an active role in addressing global challenges, particularly in areas such as climate change and sustainable development.’
He added, ‘We aim to build sustainable economic resilience through strategic partnerships with various countries and global organizations. With our forward-thinking vision and commitment to innovation, the UAE is well-positioned to support global efforts in climate change adaptation and invest in advanced technologies, enhancing our capacity to tackle both economic and environmental challenges.’
The retreat featured several sessions over two days, including one titled “Recovering Ambition,” which explored international plans for the next 20 to 30 years and their role in enhancing global economic stability.
The session also reviewed lessons learnt since the found
ing conference in 1944 and developed a vision to ensure the growth and continuity of global financial institutions in line with ongoing economic transformations.
Another session, titled “Managing Crisis; Making Opportunity,” assessed the success of the International Monetary Fund and the World Bank in aligning their roles with evolving global financial and development needs.
It also examined how these institutions can adapt their tools, programs, and partnerships to address emerging challenges, such as climate change. The retreat further emphasised identifying key issues for future exploration, including ambitious goals in global health.
Source: Emirates News Agency