IMF and World Bank Stress Need for Broader Accountability Amid Reforms
In a bold move, the steering committee for both the International Monetary Fund and the World Bank declared the necessity for increased accountability as the institutions roll out reforms aimed at assisting countries in facing challenges such as climate change and other shocks.
Leading the charge, Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance and chair of the joint Development Committee, emphasized the importance of holding themselves accountable as they strive to become a better and larger bank.
In a departure from tradition, Al-Husseini issued a chair’s statement instead of a communique, addressing economic risks stemming from conflicts in the Middle East and Ukraine. This statement came as the meetings of the IMF and World Bank for the week came to an end.
The governors of the institutions urged the World Bank to strengthen both global and regional partnerships, while also pushing for continued country engagement reforms and enhanced country diagnostics from its management.
Furthermore, there was a call for increased collaboration between the World Bank and IMF to assist countries in generating more domestic revenue, as well as addressing critical issues like climate change, pandemic preparedness, and debt sustainability.