Al Tayer meets a number of key global economic figures on the sidelines of the annual meetings of the IMF and World Bank

WAM WASHINGTON, 17th October, 2013 (WAM) — Obaid Humaid Al Tayer, U.A.E. Minister of State for Financial Affairs, has met with a number of key global economic figures at meetings held on the sidelines of the International Monetary Fund (IMF) and the World Bank annual meetings, held in Washington on the 11th, 12th and 13th of October.

The meetings aimed to discuss the world economy’s recovery outlook, coordinate economic policies and shed the light on the slow growth of the emerging economies.

Minister of State for Financial Affairs headed the Arab Group during the 28th meeting of IMFC, during which he highlighted the noticeable recovery of the world economy and the economic growth achieved by several developed countries in addition to the improved business performance rates.

Moreover, he emphasised the growing interest in affairs related to the MENA region, and especially Egypt, given that a number of Arab countries are facing a range of challenges that stem from the political transitions, slow global recovery and high unemployment rates.

He also stressed the U.A.E.’s ongoing commitment to supporting those countries, especially Egypt, in addition to highlighting the previous aid provided by the GCC to Jordan and Morocco.

Al Tayer explained the ways in which the IMF can support Member States through encouraging them to adopt policies aimed at protecting their recovery and addressing their weaknesses. Additionally, He openly supported the priorities set out in the international political agenda, which emphasises the need to ensure adequate resources for its implementation.

On the sideline of the annual meetings of the IMF and World Bank, Al Tayer met Dimitris Tsitsiragos, Vice President of the IFC. During the meeting, they discussed the areas of cooperation between the U.A.E. and the IFC, which is based in Dubai. They also debated the methods of cooperation between the IFC and Arab states through increasing funding and support for the private sector, which has a key role in the economic growth and the development of job opportunities.

Tsitsiragos welcomed the U.A.E.’s proposals aimed at supporting the economic growth in the region. He also confirmed that the IFC will increase its activities through its current regional branch in Dubai.

Al Tayer participated in the meeting of Arab central bank governors with Jim Yong Kim, President of the World Bank Group. During the meeting, Al Tayer highlighted the importance of the World Bank’s role in supporting Arab countries, especially Egypt which is experiencing a transitional phase. The Minister also stressed the importance of activating the role of the private sector in MENA region – with the help of the World Bank – through encouraging Member States to support and promote the private sector’s investment, as well as encouraging the development of SMEs and creating more job opportunities.

During the bilateral meetings, Al Tayer highlighted the importance of the role played by the Islamic economy in supporting economic growth and stability. He urged the World Bank to study new mechanisms to support the Islamic economy and finance, particularly in the field of Sukuk issuance, in addition to discussing the frameworks of cooperation with the U.A.E. regarding the ‘Dubai – World Capital of Islamic Economy’ initiative.

Al Tayer also participated in the meeting of Arabs central bank governors with Christine Lagarde, Managing Director of the IMF. The meeting discussed the Fund’s role in supporting Arab countries, especially those in transitional phases.

He stressed the importance of providing liquidity to those countries within a short period to help achieve economic stability, create job opportunities and reduce poverty rates. He also highlighted the short-term importance of the Fund’s role in meeting the needs of Arab countries and the creation of related precautionary mechanisms for the prevention of crises, in order to find solutions to achieve long-term growth WAM/HH/TF

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