CBE governor chairs plenary session of IMF, World Bank Group Board of Governors

Ahram Online , Saturday 15 Oct 2022

Governor of the Central Bank of Egypt (CBE) Hassan Abdallah chaired on Friday the plenary session of the World Bank Group (WBG) and International Monetary Fund (IMF) Boards of Governors.

CBE
Governor of the Central Bank of Egypt (CBE) Hassan Abdallah

 

Abdallah emphasised the importance of the IMF and the World Bank Group in providing essential financing, policy advice, capacity development and member support to countries over the past two years.

He also identified the institutions’ priorities, saying they need to guide countries' policy responses while being mindful of their social and political economies, in addition to doing more to address rising debt vulnerabilities and continuing to work with partners to tackle current and future debt challenges.

It is important for the IMF and World Bank Group to continue providing financial support, including to vulnerable middle-income countries, he added.

This session is the first in three years, due to the COVID-19 pandemic.

The annual meetings are taking place in Washington, DC, between 10-16 October 2022.

President of the World Bank Group David R. Malpass and Managing Director of the International Monetary Fund Kristalina Georgieva participated in this session.

During the session, Abdallah also underlined the importance of not losing sight of longer-term challenges, especially job creation, more equal opportunities, economic diversification, climate change and digitalisation.

The annual meetings traditionally are held in Washington, DC two years out of three and, to reflect the international character of the two institutions, every third year in a different member country.

In addition to the meetings of the Boards of Governors, the Development Committee and the International Monetary and Financial Committee (IMFC) have been officially convened to convene the board on issues of global concern.

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