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Steering Committee of the International Monetary Fund and World Bank: Expanding the scope of accountability is a necessity in the two institutions
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Economy News - follow up
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Added 04/20/2024 - 7:29 PM
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Economy News - follow up
The steering committee of both the International Monetary Fund and the World Bank stressed on Saturday the need to expand the scope of accountability as the two institutions implement reforms to help countries confront climate change and other problems.
This year’s Chairman of the Joint Development Committee, Mohammed bin Hadi Al-Husseini, said: “We must hold ourselves to a broader responsibility as we transform into a better and bigger bank.”
Al-Husseini, who also holds the position of Minister of State for Financial Affairs in the Emirates, issued an announcement in his capacity as Chairman of the Committee, instead of issuing an official statement, amid disagreements related to the wars taking place in the Middle East and Ukraine, but he pointed to the economic risks posed by the conflicts, according to Reuters.
The statement came as the meetings of the International Monetary Fund and the World Bank approached their end this week, which began their activities on April 15.
The governors of both institutions urged the World Bank to continue strengthening global and regional partnerships, and asked its management to advance country engagement reforms and strengthen country diagnosis.
They also called for increased cooperation between the World Bank and the IMF to help countries increase internal revenues, on issues such as climate change and pandemic preparedness, as well as debt sustainability.
Views 127
Added 04/20/2024 - 7:29 PM
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