emirates7 - The UAE, represented by the Ministry of Finance, participated in a high-level retreat organized by the International Monetary Fund (IMF) and the World Bank Group in Bretton Woods, New Hampshire, from 26th to 27th September 2024. This event marked the 80th anniversary of the Bretton Woods Conference, which laid the foundation for the modern global financial system and led to the creation of 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 focused on discussions about the future of the global economy, with key figures such as Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF, exploring two potential paths for the global economy—one optimistic and one more cautious—during an opening session titled "A better world, or a bad one?" The need for stronger international cooperation was emphasized to sustain economic growth amid rising geopolitical tensions and protectionism, challenges that are particularly pressing for developing nations.
Participants also discussed the roles the IMF and World Bank must play in ensuring stability and fostering progress, especially in light of the uncertainties that could slow global development. Al Hussaini highlighted the UAE’s pivotal role in promoting global economic stability and its efforts to establish strategic economic partnerships. He mentioned the UAE's involvement in the 2023 G20 Summit, where it signed an agreement to the East European Indo-Economic Corridor (EEC), aimed at strengthening global supply chains.
Al Hussaini stated that the UAE’s participation in this retreat underscores its commitment to working with key international institutions like the IMF and World Bank to support global economic stability. He reiterated the UAE’s dedication to addressing global challenges such as climate change and sustainable development through strategic partnerships and innovation.
The retreat featured several sessions, including "Recovering Ambition," which focused on international plans for the next two to three decades and their importance in boosting global economic stability. The event also revisited lessons learned since the original 1944 conference and shaped a vision for the future of global financial institutions in light of economic transformations.
Another session, "Managing Crisis; Making Opportunity," reviewed the IMF and World Bank's success in adapting to evolving financial and developmental needs. It explored how these institutions can adjust their tools, programs, and partnerships to address emerging challenges like climate change, and also identified future areas for focus, including ambitious global health initiatives.
The retreat focused on discussions about the future of the global economy, with key figures such as Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF, exploring two potential paths for the global economy—one optimistic and one more cautious—during an opening session titled "A better world, or a bad one?" The need for stronger international cooperation was emphasized to sustain economic growth amid rising geopolitical tensions and protectionism, challenges that are particularly pressing for developing nations.
Participants also discussed the roles the IMF and World Bank must play in ensuring stability and fostering progress, especially in light of the uncertainties that could slow global development. Al Hussaini highlighted the UAE’s pivotal role in promoting global economic stability and its efforts to establish strategic economic partnerships. He mentioned the UAE's involvement in the 2023 G20 Summit, where it signed an agreement to the East European Indo-Economic Corridor (EEC), aimed at strengthening global supply chains.
Al Hussaini stated that the UAE’s participation in this retreat underscores its commitment to working with key international institutions like the IMF and World Bank to support global economic stability. He reiterated the UAE’s dedication to addressing global challenges such as climate change and sustainable development through strategic partnerships and innovation.
The retreat featured several sessions, including "Recovering Ambition," which focused on international plans for the next two to three decades and their importance in boosting global economic stability. The event also revisited lessons learned since the original 1944 conference and shaped a vision for the future of global financial institutions in light of economic transformations.
Another session, "Managing Crisis; Making Opportunity," reviewed the IMF and World Bank's success in adapting to evolving financial and developmental needs. It explored how these institutions can adjust their tools, programs, and partnerships to address emerging challenges like climate change, and also identified future areas for focus, including ambitious global health initiatives.