العربية
s

IMF chief calls for key global structural reforms to avert future crises

16 November 2018


Share the Article
Facebook
Twitter
LinkedIn

The Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, attended today a session titled "Using the Global Recovery to Create a Fairer World" as part of the World Government Summit 2018 (WGS) in Dubai.

Speaking at the session, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), identified key structural reforms that need to be implemented to avert future crises.

Lagarde highlighted the importance of economic reforms, transforming business practices through innovation, and developing the culture of societies.

The session was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras al-Khaimah; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; H.H. Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court, and Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future and Chairman of WGS.

In the session moderated by Richard Quest of CNN, Lagarde underlined the importance of developing market systems in cooperation with established international institutions rather than pursuing advice from independent entities that lack experience.

The IMF top executive also called for focusing on implementing financial reforms, noting that the recent setback in stock markets around the world was an anticipated correction.

Furthermore, Lagarde assured the audience that the global economic outlook is positive and that opportunities exist for governments to ensure economic recovery given that authorities move to the regulation of activities, not entities.

Lagarde praised the reforms carried out in the United Arab Emirates and called for other countries to follow suit, citing the introduction of value added tax (VAT) as a necessary approach to sustain continued development in infrastructure and healthcare sectors.

Lagarde repeated that reforms are necessary to build stronger economies and generate more job opportunities. She called upon authorities to benefit from the experiences of international civil society organisations in the decision-making process.

Highlighting an important segment of society, Lagarde said that world governments need to give attention to youth as they constitute around 60% of the world population.

She added that investing in youth is investing in the future. She called for allocating a percentage of the countries’ Gross Domestic Product (GDP) to support youth initiatives and rehabilitation programmes.