UAE Central Bank Governor Attends IMF/World Bank Meetings in Washington

UAE Central Bank Governor, Sultan bin Nasser Al-Suwaidi, recently visited Washington, DC, where he attended the International Monetary Fund (IMF)/World Bank Group spring meeting.

At the IMF/World Bank meeting, the UAE Central Bank Governor called on IMF members to adopt long-term policies that will help prevent future economic downturns of this scope and magnitude, and to "move decisively on ratifying agreements for a new income model." The IMF/World Bank Group meeting is attended by senior policymakers from 185 countries, whose collective goal is to secure financial stability, facilitate international trade and promote sustainable economic growth.

In a statement issued at the meeting, Al-Suwaidi said that countries in the Middle East region had not been spared the impact of the global financial crisis. However, he noted that "financial buffers accumulated during the boom years, as well as much strengthened policy and macroeconomic frameworks" in the UAE and many Arab countries "allows the scope for supportive policies to cushion the impact of the crisis." "Countries with pegged exchange rates have additionally benefited from the continued monetary easing in the US, further reinforcing the stabilizing role of the exchange rate peg in oil producing economies," added Al-Suwaidi.