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NEW HAMPSHIRE/WAM
The UAE, represented by the Ministry of Finance, took part in a high-level retreat organised by the International Monetary Fund (IMF) and the World Bank Group in Bretton Woods, New Hampshire, from September 26 to 27.
The gathering marked the 80th anniversary of the Bretton Woods Conference, which established the foundations of the modern global financial system and led to the creation of both the IMF and the World Bank. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
The retreat featured various discussions on the future of the global economy, exploring potential trajectories over the coming decades. During the opening session, titled “A better world, or a bad one?” key participants—including Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF—debated two possible paths for the global economy: one optimistic and one more cautious.
The discussions also highlighted the need for stronger international cooperation to sustain global economic growth in the face of increasing geopolitical tensions and rising protectionism, which pose particular challenges to developing economies.
Additionally, the session addressed the role that the IMF and World Bank must play in promoting stability and fostering progress, particularly as the world grapples with uncertainties that threaten to slow global development.