During the World Bank Group and International Monetary Fund’s 2023 Spring Meetings, H.E. Mohamed Bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, held bilateral meetings with finance leaders and senior officials from international financial organizations. The meetings covered topics such as global economic growth, climate change, and enhancing cooperation in various financial, economic, and development fields. Al Hussaini also met with US Treasury Deputy Secretary Wally Adeyemo to discuss strengthening strategic relations and cooperation between the UAE and the US for the benefit of both nations.
During the Spring Meetings, H.E. Al Hussaini also had a meeting with the Managing Director of the International Finance Corporation (IFC), Makhtar Diop. The meeting was attended by senior officials from the IFC and Ambassador Majid Al Suwaidi, Director-General and Special Representative of COP28. The discussion centered around the COP28 agenda and priorities, sustainable development, and climate agenda. The IFC expressed its appreciation for the UAE’s support of global efforts for growing investments in emerging markets and identified areas where the partnership could be strengthened. The meeting also highlighted the importance of enhancing climate change adaptation in the water sector and financing climate transition in emerging markets.
Furthermore, Al Hussaini met with Dr. Ferid Belhaj, World Bank MENA Vice President, and discussed opportunities for advancing cooperation for climate finance. The meeting was attended by World Bank Vice President of Development Finance, Akihiko Nishio, and Vice President and Chief Risk, Legal and Administrative Officer for the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA), Ethiopis Tafara. The parties also reviewed the World Bank’s upskilling and capacity building programmes, according to WAM.
H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, had a meeting with Ms. Manal Corwin, the Director of the Organisation for Economic Co-operation and Development (OECD) Centre for Tax Policy and Administration. They discussed the international tax agenda and recent reforms in the UAE’s tax regime, which will be implemented from June 2023. Ms. Corwin praised the country’s efforts to transform into a country with an advanced and wide-ranging tax system that meets international tax compliance requirements. Al Khoori emphasized the UAE’s commitment to confronting harmful tax practices in accordance with the OECD Pillars of Base Erosion and Profit Shifting (BEPS) and expressed a willingness to cooperate with the Centre’s team.
Al Khoori also met with Mr. Mark Bowman, Vice President for Policy and Partnerships at the European Bank for Reconstruction and Development (EBRD), to discuss increasing investment to achieve the SDGs and climate financing in developing countries. The meeting also discussed the importance of implementing an independent review by the G20 to stimulate resource liberalization and accelerate reforms in a way that enhances the financing capacity of Multilateral Development Banks (MDBs). The parties mentioned that the first global assessment of the Paris Agreement will be implemented during COP28 to determine the correctness of the path and expand the role of MDBs as major players in ensuring positive development in the climate field.
