The steering committee for both the International Monetary Fund and the World Bank highlighted the importance of broader accountability as the institutions implemented reforms to address climate change and other challenges. Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, who leads the joint Development Committee this year, emphasized the need for accountability as the institutions strive to become more effective and impactful.
Al Husseini issued a chair’s statement, rather than a communique, amidst discussions on conflicts in the Middle East and Ukraine. He acknowledged the economic risks posed by these conflicts, as the meetings of the IMF and World Bank came to a close. Governors of the institutions called on the World Bank to strengthen global and regional partnerships, and encouraged its management to continue country engagement reforms and improved country diagnostics.
There was a push for increased collaboration between the World Bank and IMF to support countries in generating more revenue domestically and addressing issues such as climate change, pandemic preparedness, and debt sustainability. The focus on accountability and collaboration underscores the commitment of these institutions to supporting countries in navigating current challenges and driving sustainable development.