The joint steering committee of the International Monetary Fund (IMF) and the World Bank intensified its emphasis on the necessity for expanded accountability as both institutions press forward with significant reforms aimed at assisting nations in confronting challenges like climate change and geopolitical tensions.
Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, who leads the joint Development Committee this year, underscored the imperative for a broader scope of accountability. “We must hold ourselves accountable more broadly as we become a better and bigger bank,” Al Husseini stated during the committee’s meeting.
Amidst disputes over conflicts in regions such as the Middle East and Ukraine, Al Husseini opted for a chair’s statement rather than the traditional communique. Nonetheless, the statement highlighted the economic risks posed by ongoing conflicts. This declaration coincided with the conclusion of this week’s IMF and World Bank meetings.
Governors of the two financial institutions urged the World Bank to intensify its efforts in strengthening both global and regional partnerships. They also called upon the World Bank’s management to proceed with reforms related to country engagement and enhanced country diagnostics.
Furthermore, there was encouragement for increased collaboration between the World Bank and IMF to assist countries in generating more domestic revenues. The collaboration is particularly crucial for addressing pressing issues such as climate change, pandemic preparedness, and ensuring debt sustainability.
