UAE concludes participation in 2025 Spring Meetings of the World Bank Group and the IMF
Mohamed bin Hadi Al Hussaini: UAE supports constructive dialogue with international financial institutions and the development of practical solutions to help countries face increasing challenges
Mohamed bin Hadi Al Hussaini: Strengthening economic resilience at regional and global levels requires wider partnerships and multilateral cooperation
Addressing key global challenges related to growth, financial sustainability, digital transformation, and climate action.
Discussing IMF's role in supporting economic stability and advancing sustainable development.
Expanding the resources of IMF's Resilience and Sustainability Trust to cover vital areas including youth empowerment, employment generation, and digital transformation.
Discussing IMF's assessment of the global economic outlook and financial stability.
Washington, USA: The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, D.C., from April 21 to 26.
The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action.
The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations.
Enhancing economic resilience
H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system.
His Excellency stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.'
He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.'
For his part, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility."
'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions." Balama added.
Supporting development pathways
During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors.
In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development.
Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives.
During the meeting, His Excellency Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies.
He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation.
His Excellency also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development.
Strengthening Global Financial Stability
The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa.
Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals.
During a dedicated session on development challenges in Africa, His Excellency reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent.
IMFC meetings
Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability.
In his remarks, His Excellency noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development.
He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing.
His Excellency noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts.
He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies.
Bilateral meetings
Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
2 days ago
- Arabian Post
UAE Reserves Surge with Gold Holdings and Deposit Growth
The Central Bank of the UAE expanded its gold reserves by 19.3 per cent in the first quarter of 2025, adding AED 4.444 billion to bring the total to AED 27.425 billion as of 31 March, up from AED 22.981 billion at the close of 2024. The bank's latest statistical bulletin also reveals marked increases across demand, savings and time deposits, alongside robust payment-system activity. Heightened global market unpredictability and a strategic emphasis on diversifying reserve assets underpin the bank's move to bolster gold reserves, officials say. This reflects a continued shift toward safer, non‑interest-bearing assets amid sustained volatility. Deposit trends in the banking sector continued on an upward trajectory. Demand deposits reached AED 1.147 trillion by the end of March, up from AED 1.109 trillion in December, with AED 856.062 billion in dirhams and AED 291.116 billion in foreign currencies. Savings deposits rose to AED 338.788 billion from AED 317.48 billion at year-end, while time deposits touched AED 991.757 billion, including AED 614.854 billion in local currency and AED 376.9 billion abroad. ADVERTISEMENT Electronic transfers via the UAE Funds Transfer System surged to AED 5.449 trillion in Q1, comprising AED 3.331 trillion in interbank transfers and AED 2.118 trillion in customer transactions. Cheque-based payments showed significant volume: 5.615 million cheques totalling AED 351.359 billion were cleared through image-based processing, including AED 116.712 billion in March alone. Cash withdrawal and deposit activity remained vigorous. Withdrawals reached AED 63.887 billion, while deposits totalled AED 47.124 billion during the quarter. Analysts interpret these developments as a sign of deepening liquidity and enhanced confidence in the UAE's financial system. A senior economist at a regional bank commented: 'The scale of growth in both deposit categories and gold reserves reflects a deliberate strategy by the Central Bank to fortify the country's buffer against external shocks. Investors are clearly hedging against uncertainty by increasing exposure to tangible assets and maintaining high liquidity.' The economist also cautioned that global interest-rate fluctuations and geopolitical risks could influence the bank's future asset allocation decisions. The rise in gold reserves places UAE among regional central banks increasing non‑yielding assets. Analysts point to a broader trend, driven by concerns over inflation and currency volatility in key reserve currencies. A comparative report by a GCC central banking consortium notes that gold reserves across member countries grew by an average of 12 per cent in Q1, with the UAE outperforming peers. Within the banking sector, sustained deposit growth reflects resilient household and corporate savings. Strong currency‑hedged deposit figures—nearly AED 1.1 trillion in UAE dirhams—suggest that domestic confidence remains high in spite of global uncertainties. Meanwhile, foreign-currency deposits provide necessary coverage for international trade and investment. Rising transaction volumes through the UAEFTS, which processed transfers worth AED 5.449 trillion, underscore the depth of interbank activity and customer engagement. Stakeholders highlight the central bank's digital-clearing infrastructure as a key enabler in supporting large-scale financial flows with efficiency and security. Cheque transactions processed via imaging systems illustrate the continuing relevance of traditional payment instruments, even as the system adapts to technology-driven clearing processes. Meanwhile, high levels of cash withdrawals and deposits indicate ongoing demand for physical currency in everyday commerce and cash-based sectors. Central Bank officials, responding to questions from regional media, affirmed that quarterly data would continue to inform dynamic adjustments in reserve management and monetary policy. They emphasised readiness to tweak both tangible and liquid asset holdings as required to optimise financial stability and sovereign risk protection. Understanding the full impact of these developments requires monitoring global monetary shifts and upcoming fiscal announcements. Market observers will be watching for signals in the next Central Bank bulletin, particularly regarding foreign exchange reserves and gold holdings for subsequent quarters.
Zawya
2 days ago
- Zawya
Jordan: IMF Executive Board approves 3rd review of Jordan's EFF Programme
AMMAN — The International Monetary Fund (IMF) has completed the third review of Jordan's four-year Extended Fund Facility (EFF), enabling the Kingdom to draw an additional $134 million, the Fund announced on Wednesday. The latest disbursement brings total financing under the EFF arrangement to nearly $595 million since its approval in January 2024. The programme aims to support Jordan's economic reform efforts and help maintain macroeconomic stability amid ongoing regional challenges. In a significant show of support, the IMF also announced a separate $700 million programme under the Resilience and Sustainability Facility (RSF), aimed at helping Jordan tackle long-term challenges in the energy, water, and health sectors. Following the IMF Board's meeting, Deputy Managing Director and Acting Chair Kenji Okamura praised Jordan for holding steady despite tough regional conditions. 'Growth in 2024 and so far in 2025 has exceeded expectations. Inflation is low, reserve buffers are strong, and the authorities are pursuing sound fiscal and monetary policies,' Okamura said. According to the IMF, Jordan's international reserves topped $20 billion by the end of 2024, and the country's external position remains stable, with the current account deficit projected to stay near 6 per cent of GDP. The Fund attributed the stable inflation and strong reserve position to the Central Bank for helping keep inflation in check and maintaining investor confidence through its commitment to the exchange rate peg. The Fund also welcomed the government's gradual steps to reduce public debt while maintaining essential spending on social support and public investment. Jordan recorded a 2.5 per cent growth rate in 2024, and economic activity is expected to gradually strengthen going forward. The new $700 million in RSF support will go toward reforms to strengthen the electricity and water sectors and boost Jordan's ability to respond to future health crises. 'These reforms are critical to strengthening Jordan's long-term economic resilience,' Okamura said. The IMF reaffirmed its backing for Jordan's broader reform plans, which focus on encouraging private-sector growth, improving the business environment, and creating more opportunities, especially for youth and women. The IMF emphasized the need for continued international support, noting that Jordan continues to feel the pressure of regional instability and the responsibility of hosting large numbers of refugees. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
The National
2 days ago
- The National
IMF approves $700 million to address Jordan's long-term vulnerabilities
The International Monetary Fund (IMF) approved roughly $700 million to Jordan on Wednesday to address its long-term vulnerabilities. The funds will be part of the Resilience and Sustainability Facility (RSF) to assist with vulnerabilities in the water and electricity sectors, and to help the country take on public health emergencies. The 30-month arrangement under the RSF will provide Amman with access to about $700 million. The IMF disburses funds through special drawing rights, an international reserve asset the value of which is based on a basket of five currencies. Separately, the IMF said Jordan will be given immediate access to special drawing rights of about $134 million upon the third completion of its External Fund Facility (EFF) to support Amman's economic programme. The fund said Jordan has consistently met the targets under its EFF programme, with economic growth reported at 2.5 per cent last year. The fund said growth this year was so far stronger than previously expected. The IMF approved the $1.2 billion EFF programme with Jordan last year. 'Jordan continues to maintain macroeconomic stability despite external headwinds from regional conflicts and heightened global economic uncertainty, owing to the authorities' steadfast pursuit of sound policies and continued strong international support,' said Kenji Okamura, IMF deputy managing director and acting chairman. In its most recently published Regional Economic Outlook, the fund said it expects economic activity to pick up this year after being affected by the Gaza war. The IMF projected in the outlook for Jordan's economy to expand by 2.6 per cent this year before accelerating further to 2.9 per cent in 2026. Both projections were lower than previous forecasts, mirroring a broader downwards trend because of tariff uncertainty. Jordan is also expected to be impacted by reduced foreign assistance following the dismantling of the US Agency for International Development, one of several countries in the region that had relied on the agency for assistance. The IMF said reforms have helped strengthen Jordan's fiscal sustainability, while further efforts should be made to enhance mobilising revenue and take measures to continue lowering its public debt. 'Efforts should also continue to improve the efficiency and viability of the public utilities to preserve the sustainability of public finances, while improving service delivery,' Mr Okamura said. The fund also said Jordan should accelerate structural reforms to improve its business environment and attract private investment. 'Strong and timely donor support remains essential to help Jordan navigate the challenging external environment, host the large number of refugees, and meet Jordan's development objectives,' Mr Okamura said. The fund said reform measures under the RSF will focus on strengthening the financial sustainability for the energy and water sectors, strengthen fiscal and financial sector resilience, and enhance pandemic preparedness.
