As the steering committee for both the International Monetary Fund and the World Bank met to discuss reforms aimed at addressing climate change and other challenges, they emphasized the need for increased accountability. This was highlighted by Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance and head of the joint Development Committee.
Al Husseini issued a chair’s statement instead of a communique, focusing on economic risks posed by conflicts in the Middle East and Ukraine. He called for more accountability as the institutions grow, stating that there is a need for greater transparency and responsibility in their decision-making processes.
The governors of the institutions echoed his sentiments, urging the World Bank to strengthen global and regional partnerships and continue with country engagement reforms and enhanced country diagnostics. They also emphasized the importance of collaboration between the World Bank and IMF to help countries increase domestic revenues and address issues such as climate change, pandemic preparedness, and debt sustainability. The focus was on working together to provide support for countries facing various challenges.