UAE takes part in International Monetary Fund spring meeting

Dubai - Obaid Humaid Al Tayer, Minister of State for Financial Affairs, led the delegation

A UAE delegation headed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, took part in the spring meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG), where both parties discussed key issues and ways to strengthen ties.
Al Tayer held a number of bilateral meetings with global leaders and experts, in addition to heading the Arab Group at the International Monetary and Financial Committee (IMFC).
The UAE delegation included Khalid Ali Al Bustani, assistant undersecretary of the international financial relations sector in the ministry of finance; Ali Hamdan Ahmed, director of the international and regional financial organisations department; and Hamad Issa Al Zaabi, director of the office of the minister of state for financial affairs.
Al Tayer discussed a number of key topics with Christine Lagarde, managing director of the IMF, to further promote cooperative efforts between the UAE and the IMF.
Conversations aimed to encourage the IMF to provide aid to Arab countries to support growth efforts and job creation initiatives, in addition to creating innovative funding mechanisms for the region.

Invite
Furthermore, Lagarde's invitation to the upcoming World Government Summit, which will be held in February 2017, was also discussed.
He also met with Dr Hazem Al Beblawi, executive director of the IMF, where they talked about topics that were later discussed during the IMFC meeting. They also discussed the IMF's plans to support Arab countries, and agreed that the IMF would share data on the financial aid provided by the Fund to Arab countries over the past three years.
In his meeting with Dr Mirza Hassan, executive director of the Arab Group at the World Bank, Al Tayer discussed the WBG's new strategy, and methods of enhancing cooperation between the WBG and development funds to support the Arab region.
During his speech at the IMFC meeting, Al Tayer also spoke about global economic trends, financial and monetary policies, and how to achieve financial stability worldwide. He called on countries to confront global inflation challenges and to support the economies of developing nations, given that goods and assets are decreasing in value.
- business@khaleejtimes.com