IMF, WB steering committee stresses accountability as reforms advance

WASHINGTON: The steering committee for both International Monetary Fund and the World Bank on Saturday emphasized the need for broader accountability as the institutions implemented reforms to help countries grapple with climate change and other shocks.

“We must hold ourselves accountable more broadly as we become a better and bigger bank,” said Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, who heads the joint Development Committee this year.

Al Husseini issued a chair’s statement, rather than a communique, amid disagreements over wars in the Middle East and Ukraine, but referenced economic risks posed by the conflicts. The statement came as this week’s meetings of the IMF and World Bank drew to a close.

Governors of the institutions urged the World Bank to continue to bolster global and regional partnerships, and asked its management to push ahead with country engagement reforms and enhanced country diagnostics.

They also encouraged further collaboration between the World Bank and IMF to help countries mobilize more revenues at home, and on issues such as climate change and pandemic preparedness, as well as debt sustainability.