The steering committee of the International Monetary Fund (IMF) and the World Bank emphasized the need for broader accountability as they implemented reforms to address climate change and other challenges. This was highlighted during discussions on conflicts in the Middle East and Ukraine, where Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, who leads the joint Development Committee this year, emphasized the importance of accountability as the institutions strive to become more effective and impactful.
In his chair’s statement, Al Husseini 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.
