IMF’s bank coalition aims to aid war hit countries
A new coordination group focusing on Palestine, Syria, and Lebanon was established by the International Monetary Fund (IMF), World Bank, Arab Coordination Group and regional countries on February 16th, as announced by the IMF’s Middle East director Jihad Azour, according to The National.
He highlighted the group’s emphasis on “partnership with the region” during the AlUla Conference for Emerging Market Economies in Saudi Arabia.Â
Azour noted that Syria suffers from a lack of human infrastructure akin to that experienced by former Soviet states post-collapse.Â
The new Syrian Foreign Minister Asaad Al Shibani was present at the high-level meeting.
To ensure effective aid delivery, Azour emphasised the necessity of training civil servants in various key functions of the state including statistics.
He mentioned that the informal group is collaborating with Arab institutions to meet the specific needs of these countries, which is supported by a centre in Kuwait overseeing capacity development and the Middle East Technical Assistance Centre in Beirut.
This coalition aims to enhance coordination and efficiency in serving these nations, with plans to expand partnerships during the upcoming 2025 Spring Meetings of the World Bank and IMF in late April.Â
Currently, the group is having discussions with prospective members, consisting of bilateral groups, which are mainly in the Gulf, as well as UN agencies.Â
The group’s members are nationwide multinational development banks such as the IMF and World Bank, as well as regional institutions including the Islamic Development Bank and Arab Monetary Fund.
The establishment of this coalition is timely, given the challenges in securing funding, particularly as the US is shifting its aid policies, having accounted for 41.8% of global aid last year, according to the UN Office for the Coordination of Humanitarian Affairs.Â
Over the past four years, the IMF has provided more than $37 billion in financing to support economies that are fragile, after facing a crisis. It has also provided technical assistance to support nations with implementing reforms and training.
With a new regional office in Riyadh, the IMF has improved its capacity to engage with regional partners, enabling coordination on the ground.Â
The IMF maintains regular consultations with the Palestinian Authority, providing technical support as well as support for its policy settings.
The coalition and the IMF aims to work with UN agencies on humanitarian issues, with hopes to extend its efforts to Yemen and Sudan when conditions permit.
The National
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