Arab News, Sun, Apr 21, 2024 | Shawwal 12, 1445
IMF, World Bank steering committee stresses accountability as reforms advance
Saudi Arabia:
The steering committee for both International Monetary Fund and the World Bank
on Saturday emphasized the need for broader accountability as the institutions
implemented reforms to help countries grapple with climate change and other
shocks.
“We must hold ourselves accountable more broadly
as we become a better and bigger bank,” said Mohammed bin Hadi Al Husseini, the
United Arab Emirates’ minister of state for finance, who heads the joint
Development Committee this year.
Al-Husseini issued a chair’s statement, rather
than a communique, amid disagreements over wars in the Middle East and Ukraine,
but referenced economic risks posed by the conflicts. The statement came as this
week’s meetings of the IMF and World Bank drew to a close.
Governors of the institutions urged the World Bank
to continue to bolster global and regional partnerships, and asked its
management to push ahead with country engagement reforms and enhanced country
diagnostics.
They also encouraged further collaboration between
the World Bank and IMF to help countries mobilize more revenues at home, and on
issues such as climate change and pandemic preparedness, as well as debt
sustainability.