The steering committee for both the International Monetary Fund (IMF) and the World Bank emphasized the need for broader accountability as the institutions implemented reforms to help countries grapple with climate change and other shocks.
The committee, headed by Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, issued a chair’s statement during this week’s meetings of the IMF and World Bank. Al Husseini acknowledged the economic risks posed by conflicts in the Middle East and Ukraine, while urging the institutions to hold themselves accountable and become a better and bigger bank.
Governors of the institutions also encouraged the World Bank to strengthen its global and regional partnerships and push ahead with country engagement reforms and enhanced country diagnostics. They urged further collaboration between the World Bank and IMF to mobilize more revenues at home, tackle climate change and pandemic preparedness, and ensure debt sustainability.
While disagreements over wars in the Middle East and Ukraine prevented the issuance of a communique, the steering committee’s chair’s statement emphasized the importance of accountability as the institutions advance their reforms.
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