The UAE's Ali Alhosani has been elected executive director at the International Monetary Fund, becoming the first Emirati to hold the senior international position.
Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, announced the news on Friday and wished Mr Alhosani success in his new role.
Sheikh Maktoum said the UAE's representation of the Arab Group countries and the Maldives on the IMF executive board reflects the strength of the country's economic model and its ability to bring successful national experiences in financial development.
He said appointing national talent to leadership roles in international financial institutions reflects the UAE leadership's vision for strengthening the country's global economic influence.
He added that the appointment highlights the UAE’s continuing efforts to expand its representation and leadership in international financial organisations.
In a social media post, he wrote: “I am proud of our national talent who represent the UAE with distinction in addressing international economic and financial matters. I wish Ali Alhosani every success in his new role at the IMF.”
Mr Alhosani previously served as deputy executive director of the Arab Group at the IMF.
He expressed his deepest gratitude and appreciation to the UAE leadership for the confidence placed in him to represent the UAE and the Arab Group.
“The selection of the UAE to lead the Group reflects member countries’ confidence in the country’s sound judgement and its ability to support their development priorities and financial and economic reform programmes,” he said.
Alhosani said the next phase would focus on supporting the priorities of the Group’s countries by strengthening the IMF’s role in financing, economic assessment and capacity building.
Particular attention would also be given to countries facing crises or exceptional economic circumstances through responsive frameworks designed to support their development aspirations.
He added: “We also look forward to building strategic partnerships with representatives of other countries and constituencies and exchanging expertise with them, including by sharing the UAE’s successful experience in building a robust and integrated financial and monetary system."
The IMF's executive board oversees its day-to-day business. It consists of 25 executive directors, elected by member countries, and the managing director.
The IMF member countries are represented on its executive board, which discusses how their economic policies affect their own economies and the global economy. The board also approves financial assistance for countries facing temporary balance of payment problems and oversees the IMF's training and technical support programmes.
Managing Director Kristalina Georgieva currently leads the IMF, heads the organisation's staff and chairs the executive board.