Abu Dhabi, 06 October, 2015: UAE, represented by the Ministry of Finance (MoF) and the UAE Central Bank, will participate in the annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which will be held in Lima, Peru from October 9-11, 2015. HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs will head the UAE delegation in these meetings. The annual meetings of IMF and WGB are considered as a global forum which brings together ministers of finance, central bankers and senior officials from the private and financial sector as well as academics.
The activities of the annual meetings of the IMF and WGB will kick off following the opening session attended by all ministers and governors.
The UAE delegation will include HE Mubarak Rashid Al Mansouri, Governor of the UAE Central Bank; HE Younis Haji Al Khoori, Undersecretary of MoF; HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF in addition to a number of the Ministry’s officials.
Commenting on the UAE’s participation, HE Obaid Humaid Al Tayer said: “The UAE considers the annual meetings or spring meetings of the IMF and WGB as a real opportunity to provide their outlook and recommendations to support the global economic development, strengthen partnership initiatives with international financial organisations in order to improve the global community by implementing various development projects.”
These meetings will discuss initiatives and project ideas proposed from across the world. These projects aim to support the development of the global economy, expand areas of economic development, eradicate poverty as well as activate aid plans and strategies.
This year’s meetings will be very dynamic and will include seminars, press conferences, and regional meetings to discuss the latest developments witnessed by the global financial economic system as well areas of international development. 13,000 people are expected to attend the annual meeting, including governors, representatives, members of international delegations, observers from intergovernmental organisation such as the Organisation for Economic Cooperation and Development (OECD), World Trade Organisation as well as representatives from financial institutions and entities such as the Financial Stability Board.
The activities of the annual meetings of the IMF and WBG will kick off on October 9, during which the Chairman of the Board of Governors and the General Directors of the IMF and WBG will deliver a speech on behalf of their organisations. The following day’s scheduled meetings included that of the International Monetary and Financial Committee (IMFC) meeting and the Development Committee. The IMFC meeting covered their recommendations to the Fund’s Board of Governors, the global economic prospects, recent development in financial markets, as well as other pressing issues within the Fund’s scope of work.
Following the opening day, the Ministry, in collaboration with the UAE Central Bank and the Dubai International Financial Centre (DIFC), will organise a reception for UAE banks; in which ten different national banks will participate. These banks include the National Bank of Abu Dhabi (NBAD), Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Union National Bank, Al Hilal Bank and National Bank of Fujairah. The reception aims to introduce participants on the role of the UAE banking sector and highlight its successes over the past few years.