Governors’ Statements

Statement by the Minister of State for Financial Affairs of the United Arab Emirates, H.E. Mr. Mohamed Bin Hadi Al Hussaini (Governor for UAE)

  1. Thank you Chair. We are pleased to be here in our first meeting as a member and we look forward to taking part in the upcoming discussions. The UAE is the newest member of the NDB and through our membership, we will aim to complement the Bank’s impressive track record with our commitment to sustainable and inclusive development.

 

  1. I would like to start by reflecting on the current global landscape and how it is shaping our agenda and our decisions:

 

    1. First, many of our countries are on the recovery path from the negative implications of the COVID-19 pandemic both in terms of the economic and health impacts. However, the uncertainties in the progression of the pandemic and the uneven recovery across countries still pose serious risks to the global economy. We are witnessing that the sustainability agenda is being challenged and infrastructure investments are slowing down in several economies due to limited fiscal space. Thus, our continued effort to fund infrastructure and sustainable development becomes more important than ever.

 

  1. Second, the pandemic has left serious disruptions in the global economy including a high-level and persistent global inflation, and supply-demand mismatches in various markets including in commodities. As we seek to optimize the impact of our development agenda, we need to consider avenues such as trade, investment and capital flows across our economies. We believe ensuring alignment and seeking complementarities with the global development agenda will enhance our ability to contribute more to the global economy. This is key because we must strive to streamline all efforts towards recovery and collaborate to overcome the scarring effects which are persistent.

 

  1. I would like to close by reiterating our commitment to supporting the NDB’s objectives and we look forward to continuing working with this group. Thank you.