Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, met with senior officials from the International Monetary Fund, IMF, and the World Bank Group, WBG, as part of the annual meetings of the IMF and WBG. The meetings were recently held in Washington, D.C.
Al Tayer reiterated the importance of these meetings to discuss issues on global economy, international financial and monetary policies, and to find ways to eradicate poverty and spur economic development in the region.
He said, “These meetings are an important platform to exchange knowledge and meet with senior officials and international experts to discuss cooperation with other countries and financial organisations. This in turn benefits us in galvanising economic growth in the region and achieving sustainable social development.”
In his speech during the annual meetings of the IMF and WBG, Al Tayer pointed out that the UAE has made significant strides in strengthening its infrastructure, especially in financial legislation.
He added that the UAE will continue to formulate comprehensive policies based on best practices and management guidelines to strengthen risk management in the country’s financial and economic sector.
Al Tayer noted that the nation is constantly enhancing its infrastructure to make it an attractive investment destination for international businesses. It is for this reason than the UAE is investing in a knowledge-based economy that leverages artificial intelligence, blockchain, robotics and other cutting-edge technologies, he continued.
The UAE minister also attended a meeting with Kristalina Georgieva, Managing Director and Chairwoman of the IMF and MENA ministers of finance, where he congratulated Georgieva on being selected as Managing Director of the IMF. They discussed ways of enhancing cooperation with the IMF through work in Article IV Consultations, participation in the World Government Summit, and advancement of financial and transparency policies.
He also met with Dr. Hazem El-Beblawi, Executive Director of the Arab Group at IMF, where they discussed the latest economic developments in the MENA region. They also deliberated the IMF’s forecast on Arab countries, as well as the IMF’s participation in the World Government Summit 2020.
In another meeting, Al Tayer discussed with Dr. Mirza Hassan, Executive Director of the Arab Group at the World Bank Group, the WBG’s continuous efforts to support Arab countries in helping them achieve sustainable and comprehensive economic development. He reviewed the WBG’s Women, Business and the Law report, as well as the WBG’s technical support projects in the UAE. They also discussed the WBG’s expectations of Arab countries in view of the current economic changes.
Alongside the annual meetings, the Ministry of Finance organised a reception for UAE banks to showcase the importance of the financial sector and its potential in the country, while highlighting the successes of the sector in recent years. The reception was organised by MoF in collaboration with the UAE Central Bank; Abu Dhabi Global Markets; Dubai International Financial Centre; First Abu Dhabi Bank; Emirates NBD; Abu Dhabi Commercial Bank; Abu Dhabi Islamic Bank; Dubai Islamic Bank; Commercial Bank of Dubai; Sharjah Islamic Bank; National Bank of Fujairah and Noor Bank. Several financial ministers, central bank governors, heads of investment institutions and international financial institutions, executive heads of international banks, as well as representatives of participating UAE banks attended the reception.
Al Tayer also participated in several other events on the side-lines of annual meetings of IMF and WBG, including the International Monetary and Financial Committee.