Mohamed Al Hussaini elected Chairman of Development Committee of WBG-IMF

ABU DHABI, 15TH OCTOBER (WAM) – Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has been elected as Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund (IMF), which aims to achieve international cooperation and consensus on issues related to development. The DC is a joint ministerial committee of the Boards of Governors of the Bank and the Fund.

During his two-year tenure, the minister will work with the committee’s members that include ministers, and the Board of Governors of the WBG and IMF to complete and manage the committee’s programmes related to sustainable and comprehensive economic development, in order to build and develop the economies of developing countries.

Al Hussaini thanked the member states and the WBG for electing him as the Committee Chairman, stressing the United Arab Emirates’ keenness on cooperating and coordinating with its strategic partners and all international organisations to enable comprehensive and sustainable development at all levels.

A ministerial-level forum that represents the member countries of the World Bank Group and the International Monetary Fund, the Development Committee was established in 1974 and was previously known as the ‘Joint Ministerial Committee of the Boards of Governors of the Bank and Fund’. It comprises 25 members from the finance or development ministries that are members of the WBG and the IMF.

The Committee is mandated to address a wide range of issues, including, but not limited to, the role of the IMF and WBG, in confronting future crises, digitalisation, the green economy, trade, industrial policies, and poverty.