Economists considered the State of Qatar's bid to host the meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) for the year 2026 as the culmination of a series of major meetings, conferences and events hosted by the Qatari capital, Doha.
They described this event, in the form of its approval by the concerned authorities, as the 'World Cup of the financial sector,' given that Doha will be a destination for the world's elite and decision-makers in the financial and political fields throughout the days of the event's meetings.
In their statements to Qatar News Agency (QNA), economists stressed that Qatar's bid to host the event is an affirmation of the country's soft power and role that has been established over the past years, which was translated into the country's hosting of the largest political and economic conferences, sporting events and cultural activities around the globe.
In this context, economist Dr Abdullah al-Khater told QNA in a statement that Qatar's candidacy to host the meetings of IMF and WBG for the year 2026 confirms the growing organisational capabilities of various major global events, such as the FIFA World Cup Qatar 2022, the 5th United Nations Conference on the Least Developed Countries (LDC5), and the opening of the opening of UN House in Doha, adding that these events prove the growth of the State of Qatar's soft power.
This candidacy is another episode in a series of events with a global dimension that support Qatar's reputation as a destination for dialogue and discussions dealing with international affairs, he added.
He also explained that Qatar's candidacy to host these meetings is an equivalent to a candidacy to host the activities of a financial World Cup, considering that these events attract an elite of economic actors and economic and political decision makers around the globe.
Dr al-Khater pointed out that UAE's support for Qatar's candidacy file to host the 2026 annual meetings of the IMF and WBG, clearly demonstrates the solidarity, cohesion, and harmony that has come to characterise the region, and the continuous endeavour to spread the values of security, peace and sustainable development.
The meetings of IMF and WBG and the discussions that take place during them, intersect with the role played by the State of Qatar at the international level, especially in supporting the least developed countries, and its endeavour to provide the necessary funds and technical briefing for these countries to improve their conditions and lift the challenges they face, in addition to searching for solutions to the global economic systems, the economist said, noting that these systems are in need of more fundamental reforms — as proven by the changes that the world has been witnessing.
Through the topics raised in previous meetings, which fall under the category of challenges facing countries as one of their largest financiers — especially those related to liquidity, interest rates, climate changes and other challenges, the International Monetary Fund is attempting to open up to the various actors in the global economy, he added.
Dr al-Khater concluded his statements by saying that the meetings of IMF and WBG, which are also known as Bretton Woods Institutions, are usually a wide area for discussions of ideas related to questions about the roles of states and governments in the economy, as well as discussions of issues related to privatisation and the role of the public and private sectors in raising the efficiency of the economic performances of states.
In his remarks to QNA, associate professor of investment risk analysis at Al al-Bayt University, Jordan, Dr Omar Gharaibeh stressed that Qatar's candidacy to host the 2026 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) will help direct the attention toward Arab countries economies, encourage a civilizational dialogue between the participating delegations from private sectors, governments, and senior officials from IMF and WBG on the issue of sovereign debts in these countries, and reach proper methods to pay these debts away from conventional methods that rely on taxes.
Dr Gharaibeh said that in light of the apparent divisions in the world, Qatar has a valuable opportunity to discuss these issues and challenges facing the Arab countries through establishing genuine partnerships, attracting investment, achieving necessary reforms to develop those countries' economies to raise their growth rates, addressing the huge gap between income and wealth, and promoting the role of the middle class and reducing poverty to reach sustainable economic development and achieve stability in those countries.
He pointed out that these meetings will be important to open new horizons for participating countries to deal with thousands of world governmental officials, bankers, experts, businesspersons, and academics, enabling them to discuss significant issues, such as global monetary and financial stability, promotion of economic development, aid effectiveness, and the issue of climate change that will affect the entire world.
In a statement to QNA, Director of Investment House trading room Waleed al-Fuqaha said that Qatar's candidacy to host the meetings of the WBG stems from its role that seeks to achieve global stability, whether economically or politically.
He added that Qatar plays a reliable role in securing global monetary security and global peace, particularly in light of the challenges facing emerging and less developed economies.
He stressed that Qatar continues to bring points of view closer and tries to reduce global economic shocks and decrease the gap between developed and less developed economies, especially as it recently hosted the 5th United Nations Conference on the Least Developed Countries (LDC5). The global economy is expected to face major challenges until 2026 and beyond, especially the growing risks of recession, and might lose $4tn — almost the size of the German economy — of its GDP until 2026, representing a significant setback.
