The central bank, Maldives Monetary Authority (MMA)'s Governor Ali Hashim, has been elected as the Chair of the Board of Governors of the World Bank and the International Monetary Fund (IMF).
The chair is elected by a vote among the member countries of the World Bank Group and the International Monetary Fund. The World Bank and IMF Boards of Governors are chaired by a different region each year. As per the rotation, an Asia Pacific member country will hold the 2024 chairmanship.
Governor Ali Hashim's election was backed by unanimous support from the participating countries and was officially announced during the ongoing World Bank Group – IMF Annual Meeting in Marrakech, Morocco. This is the first time the Maldives has had such an opportunity in its 45-year history as a member of the IMF.
"The Maldives' appointment as the Chair of the World Bank Group and the IMF is a historic achievement. I want to take this opportunity to thank all those who have helped us in this endeavor and for the trust you have placed in us," Hashim said.
With this new role, Governor Ali Hashim will preside over the 2024 annual meetings of the IMF and the World Bank. Some of his responsibilities include chairing meetings of governors and finance ministers from central banks of IMF and World Bank member countries and heading several committees, including the Remuneration of Executive Directors and Their Alternates Committee, the Joint Procedure Committee, and the Multilateral Investment Guarantee Agency Procedure Committee.
The most important responsibility of the Chair of the Board of Governors is to chair the annual meetings of the governors and finance ministers of the central banks of the IMF and World Bank member countries. The Chairperson of the Board of Governors will also chair the Remuneration of Executive Directors and Their Alternates Committee, the Joint Procedure Committee, and the Multilateral Investment Guarantee Agency Procedure Committee.
