Dubai: Addressing the International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bali, Indonesia, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, called on the IMF to support growth plans in the Middle East and North Africa (Mena) region and provide support in financial integration and utilisation of technologies in financial services.

“We look forward to the fund providing further support to countries in the region affected by political conflicts and those affected by refugee crises, and addressing their implications with regards to the countries’ economies,” said Al Tayer.

Dr. Jim Yong Kim, President of the World Bank, participated in the ministerial meeting along with governors of the Mena region, where they discussed the private sector’s role in the Arab region’s economic transformation, the necessity of channelling funding to support the implementation of further reforms, materialising technology’s contribution to financial services and supporting entrepreneurship and innovation. He also stressed the need for the World Bank Group (WBG) to provide support and expertise on applying partnerships between public and private sectors in an optimal manner, and in supporting the SME sector.

“Investing in human capital is a priority for governments in the region, whose countries are under pressure to cut spending. This requires developing effective policies and guiding them to develop human resources and infrastructure to enable sustainable development at the country level. Achieving these goals requires the WBG to allocate time and resources to support countries in the region in overcoming the challenges of human capital development, raising service quality and enhancing spending efficiency,” said Al Tayer.

During the meetings, Al Tayer highlighted the developments and achievements made by the UAE in developing tax systems, enhancing monetary policies and sharing the latest developments in the data dissemination system.