The International Monetary Fund (IMF) and the World Bank have both emphasized the importance of broader accountability as they implement reforms to address climate change and other challenges. According to Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance and head of the joint Development Committee, there is a need for increased accountability as the institutions grow.
During their meetings, Al Husseini issued a chair’s statement instead of a communique, highlighting economic risks posed by conflicts in the Middle East and Ukraine. The governors of the institutions urged the World Bank to strengthen global and regional partnerships and continue with country engagement reforms and enhanced country diagnostics.
They also called for increased 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 emphasis was on working together to provide support for countries facing various challenges.
