UAE explores cooperation with global financial organisattions

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, held bilateral meetings with a number of senior officials from international financial organisations and institutions on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), to which he led the UAE delegation, as well as his chairmanship of the Joint Development Committee.

These bilateral meetings discussed various issues of global concern, such as global economic growth forecasts, climate change, enhancing and developing aspects of joint cooperation in various financial, economic and development fields, among other topics.

Al Hussaini met with Wally Adeyemo, Deputy Secretary of the US Treasury. Both parties discussed ways of bolstering joint strategic relations and strengthening areas of cooperation and coordination between the UAE and the United States to serve the common interests of both countries.

Al Hussaini also met with Makhtar Diop, the Managing Director of the International Finance Corporation (IFC), in the presence of Ambassador Majid Al Suwaidi, Director-General and Special Representative of COP28, and senior officials from the IFC. The meeting discussed the upcoming COP28 agenda and priorities, and other global development priorities on sustainable development and climate agenda. IFC conveyed strong appreciation of the UAE’s broad support of global efforts for growing investments in emerging markets and outlined areas where IFC wishes to grow the partnership and presence in UAE even stronger. This year’s presidency of COP28 was noted to offer a great opportunity for expanding the cooperation between IFC and UAE to overall climate agenda, focusing on financing climate transition in emerging markets, and the importance of enhancing climate change adaptation within the water sector.

Additionally, Al Hussaini met with Dr Ferid Belhaj, World Bank Mena Vice President, and both parties discussed opportunities to advance cooperation for climate finance and reviewed the World Bank’s upskilling and capacity building programmes. In attendance were Akihiko Nishio, World Bank Vice President of Development Finance; and  Ethiopis Tafara, Vice President and Chief Risk, Legal and Administrative Officer for the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA).

For his part, Younis Haji Al Khoori, Undersecretary of Ministry of Finance, met with Ms. Manal Corwin, the Director of the Organisation for Economic Co-operation and Development (OECD) Centre for Tax Policy and Administration, and reviewed the latest developments in the international tax agenda and the recent reforms in UAE’s tax regime, which will be implemented as of June 2023.

Ms. Corwin praised the country’s efforts to transform from a tax-free area to a country with an advanced and wide-ranging tax system that meets international tax compliance requirements. His Excellency stressed on adopting flexibility and providing all requirements for cooperation with the Centre’s team, especially with the UAE’s commitment to confronting harmful tax practices in accordance with OECD Pillars of Base Erosion and Profit Shifting (BEPS).

Al Khoori also held a bilateral meeting with Mark Bowman, Vice President for Policy and Partnerships at European Bank for Reconstruction and Development (EBRD). The meeting sought to discuss ways of increasing investment to achieve the SDGs and climate financing in developing countries. Both parties also deliberated the importance of implementing an independent review by the G20 of the role that Multilateral Development Banks (MDBs) can play to stimulate resource liberalisation and accelerate reforms, in a way that enhances the financing capacity of MDBs. His Excellency mentioned that the first global assessment of the Paris Agreement will be implemented during COP28, in order to determine the correctness of the path and expand the role of MDBs as major players to ensuring positive development in the climate field.

Separately, the United Arab Emirates, represented by the Ministry of Finance, participated in the meeting of finance ministers, central bank governors, and heads of regional financial institutions in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region.

The meeting was held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, DC from 10th to 16th April, and discussed key strategic issues and economic growth in the region, in addition to future prospects and fiscal policy requirements to combat inflation.

Mohamed Hadi Al Hussaini participated in the meeting, which was chaired by Kristalina Georgieva, Managing Director of the IMF. The meeting was attended by a number of finance ministers, central bank governors, and heads of regional financial institutions in the MENAP region.