CBUAE and IMF to explore bilateral relations and sustainable financing

CBUAE and IMF to explore bilateral relations and sustainable financing

Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), met today with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), in Abu Dhabi, to explore bilateral relations between the two parties.

Both representatives discussed efforts by the IMF and central banks towards enhancing the integrity of the financial system and supporting global economic growth.

The two parties examined ways to enhance joint cooperation and advance the strategic partnership between CBUAE and the IMF, particularly in the field of sustainable financing at the upcoming 2023 United Nations Climate Change Conference of the Parties (COP28) hosted by the UAE.

The CBUAE's ambitious agenda for green financing, aligned with the UAE's strategy for sustainable economic growth and financial stability, was also a key topic of discussion.

Other topics discussed during the meeting included sustainable development indicators, economic growth, and the developments in the UAE's financial system whereby the UAE is expected to maintain healthy levels of GDP growth in 2023, despite global challenges. This growth is attributed to growth in non-oil GDP and the UAE's commitment to diversification, knowledge, innovation, and digitisation, which has contributed to the distinguished resilience and stability of the country’s financial system.

The two parties also addressed the current and projected state of the regional and global economy amidst growing geopolitical tensions, which have led to a slowdown in economic growth, higher inflation, and an increase in risks that impede trade and capital flows.

“We welcome all efforts to strengthen our cooperation and relations with international financial institutions, particularly the International Monetary Fund (IMF). The UAE acknowledges the role these ties play in supporting our efforts to establish sustainable growth in various sectors and in enhancing the UAE’s position in the global stage and its contribution to providing effective solutions that ensure financial stability, drive global economic growth, and encourage sustainable development,"

Balama said.

News Source: Emirates News Agency

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