The International Monetary Fund and the World Bank have been called upon to increase accountability as they implement reforms to tackle climate change and other challenges, according to the steering committee. Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance and head of the joint Development Committee, stressed that there is a need for increased accountability as the institutions continue to grow.
Instead of a communique, Al Husseini issued a chair’s statement at the conclusion of the meetings, drawing attention to economic risks posed by conflicts in the Middle East and Ukraine. He urged the institutions to strengthen global and regional partnerships and continue with country engagement reforms and enhanced country diagnostics.
The governors of both institutions also called for increased collaboration between them 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.