UAE's Ali Alhosani becomes first Emirati to be elected executive director at IMF. Sheikh Maktoum bin Mohammed hails national talent who represent the UAE worldwide. The National October 16, 2026 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. Updated: October 16, 2026, 8:27 AM

Bangkok Blueprint sets out five pillars to curb global financial fraud. WEDNESDAY, OCTOBER 14, 2026 * The Bank of Thailand, IMF, and World Bank have launched the Bangkok Blueprint, an international framework to combat digital financial fraud. * The blueprint is built on five interconnected pillars: stronger legal foundations, comprehensive fraud mitigation, effective risk management, domestic and cross-border co-ordination, and consumer protection. * It aims to provide practical guidance for financial institutions, regulators, and policymakers to strengthen security and public trust in digital financial services. * The framework is supported by a companion report drawing on policy lessons from Hong Kong, Malaysia, Singapore, and Thailand to aid implementation. The Bank of Thailand (BOT) has joined forces with the International Monetary Fund (IMF) and the World Bank Group to launch the Bangkok Blueprint for Fraud-Resilient Financial Services, establishing an international framework to combat digital financial fraud and strengthen confidence in financial services. Introducing the initiative at the 2026 IMF-World Bank Group Annual Meetings in Bangkok on Wednesday (October 14), BOT Governor Vitai Ratanakorn highlighted the benefits of digital finance while warning of increasingly interconnected threats. "Digital finance has become a powerful enabler of economic transformation. It has made financial services faster, cheaper, and more inclusive. As digital finance becomes widely adopted, it also creates new interconnected risks," Vitai explained. BOT Governor Vitai Ratanakorn Three major threats to digital finance. Vitai identified three areas requiring particular attention as financial services become increasingly digitalised. * Fraud and scams: Global fraud losses were estimated to exceed US$442 billion in 2025, while cyber-enabled fraud cases had almost tripled over the previous decade. Asia accounted for 67% of global fraud losses in 2024, highlighting the region's substantial exposure to financial crime. * Cyber and operational risks: Growing interdependence between financial institutions, technology providers and critical financial infrastructure has heightened the financial system's vulnerability to cyber threats and operational disruptions. * Governance and safeguards: The increasing adoption of artificial intelligence (AI) and other emerging technologies in financial services requires regulatory oversight and safeguards that keep pace with innovation. Thailand's experience demonstrates how coordinated measures can reduce financial losses. Losses from financial fraud exceeded THB43 billion in 2024 before declining to THB32 billion in 2025. "In the first half of this year, losses fell to just over 9 billion Thai baht. That is a huge reduction, reflecting that coordinated action can make a meaningful difference," Vitai noted. Bangkok Blueprint establishes five pillars for financial resilience. These risks have shaped the BOT's Safe and Inclusive Digital Finance (SIDF) agenda, which seeks to ensure that the development of digital financial services is accompanied by stronger security, consumer protection and financial resilience. "SIDF reflects a simple principle: as digital finance advances, trust and resilience must advance with it," Vitai emphasised. The Bangkok Blueprint translates this approach into five interconnected pillars intended to provide practical guidance for financial institutions, regulators and policymakers. * Stronger legal and institutional foundations: Establish clear institutional responsibilities, accountability and legal powers to support the prevention and suppression of financial crime. * Comprehensive fraud mitigation: Strengthen safeguards throughout the fraud mitigation life cycle, from product design and adaptive prevention to system-wide detection, coordinated responses and recovery mechanisms. * Effective risk management and enforcement: Improve the implementation of existing risk management frameworks and enforcement measures to tackle financial fraud more effectively. * Domestic and cross-border coordination: Expand information sharing, strengthen cooperation between authorities and enable timely joint action against financial crime. * Consumer protection and financial literacy: Enhance consumer safeguards and public awareness to help people recognise fraud risks and protect themselves from financial crime. Vitai stressed that the five pillars must operate together, warning that individual measures cannot adequately address increasingly sophisticated financial threats. "These pillars reinforce each other. Strong laws without operational coordination will not be enough. Better detection without rapid response will not prevent funds from disappearing," he explained. He also emphasised that stronger controls without consumer protection would not preserve public trust. Thailand tightens controls on illicit financial flows. The nature of financial fraud has evolved from unauthorised transactions towards authorised push payment scams, in which victims are manipulated into transferring money themselves. This shift has prompted Thailand to move beyond institution-specific safeguards towards a coordinated response involving the entire financial ecosystem. "Thailand's experience illustrates how this principle can translate into real practice. As fraud shifts from unauthorised transactions to sophisticated authorised push payment scams, we moved from institution-based controls to a whole-of-ecosystem approach," Vitai explained. Thailand's Emergency Decree on Measures for the Prevention and Suppression of Technological Crimes provides the legal foundation for information sharing, rapid intervention, account suspensions and shared responsibility across sectors. Meanwhile, the BOT has broadened its efforts to disrupt illicit financial flows, recognising that proceeds from fraud and scams frequently move through multiple financial channels. "Fraud proceeds often move through scam accounts before being withdrawn, and they use cash to convert into gold, foreign currency, or digital assets, in particular USDT," Vitai observed. The central bank has consequently strengthened preventive measures in four areas: * Large cash withdrawals: Require reporting of cash withdrawals of THB5 million or more. * Gold and foreign exchange transactions: Strengthen oversight of high-value gold transactions and impose tighter supervision on foreign exchange businesses. * Digital asset transactions: Work with Thailand's Securities and Exchange Commission (SEC) to strengthen oversight of the digital asset ecosystem, particularly transactions involving USDT. * Financial sector safeguards: Implement the Framework on Safeguarding the Financial Sector from Illicit Activity, announced in September 2026, to establish common standards and commitments aimed at preventing the financial system from facilitating illegal activities. These measures are intended to close gaps exploited by criminal networks and improve the authorities' ability to detect and interrupt suspicious financial transactions. Lessons from four Asian markets support implementation. To help translate the Bangkok Blueprint into practical measures, the BOT has also developed a companion report titled Bangkok Blueprint in Action: Regional Experience and Policy Lessons for Fraud-Resilient Financial Services. The study draws on experiences and policy lessons from Hong Kong, Malaysia, Singapore and Thailand, examining how different financial systems have responded to fraud and emerging technological threats. It identifies policy gaps, highlights good practices and provides practical guidance for policymakers seeking to strengthen national safeguards against financial crime. The findings are intended to support implementation of the blueprint while encouraging closer regional cooperation and the exchange of effective regulatory approaches. Concluding his remarks, Vitai underscored the importance of sustained international cooperation, noting that financial resilience depends on collective action rather than measures taken by individual institutions or countries. "Moving forward, true resilience will depend on coordinated actions, trusted partnerships, and continuous international teamwork to ensure that digital finance remains innovative, inclusive, and fundamentally secure," he concluded. MOST VIEWED

Highlights of the IMF-World Bank meeting, oct 14, 2026: launch of "Bangkok Blueprint" to combat global financial fraud. TUESDAY, OCTOBER 13, 2026 * The IMF and World Bank launched the "Bangkok Blueprint," a new global policy framework designed to combat cyber-enabled financial fraud, during their annual meeting on October 14, 2026. * Developed jointly with the Bank of Thailand, the blueprint advocates for an ecosystem-wide approach that emphasizes international cooperation, enhanced coordination, and technology-driven preventive measures. * The framework includes "12 Key Considerations" to guide countries in aligning their policies against financial fraud. * The initiative's name and high-level participation signal that the issue of scam syndicates, prominent in the region, has been elevated to a global regulatory priority. The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group at the Queen Sirikit National Convention Center on Wednesday, October 14, 2026, feature over 40 agendas from 08:00 AM to 08:00 PM. The highlight directly relevant to Thailand is the launch of the "Bangkok Blueprint," a high-level policy framework for addressing cyber fraud developed jointly by the IMF, the World Bank, and the Bank of Thailand. It will be opened by Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, and introduced by Vitai Ratanakorn, Governor of the Bank of Thailand. Meanwhile, the Fiscal Monitor report presented during the morning session warns that global public debt is climbing toward 100% of GDP by 2029. 1. "Bangkok Blueprint": Thailand's agenda on the global stage. 12:30 - 01:30 PM, Room G-01 - Launch event for "Bangkok Blueprint for Fraud-Resilient Financial Services" The framework proposes an ecosystem-wide approach to addressing cyber-enabled fraud, based on the concept that rapid technological change has expanded risks across sectors and borders. Response requires enhanced coordination, international cooperation, and advanced technology-driven preventive measures. The IMF and the World Bank, in collaboration with the Bank of Thailand, have prepared "12 Key Considerations" to guide aligned policies across countries. Panelists: * Ekniti Nitithanprapas - Deputy Prime Minister and Minister of Finance (Opening remarks) * Vitai Ratanakorn - Governor of the Bank of Thailand (Introduction) * Kristalina Georgieva - Managing Director, IMF * Anshula Kant - Managing Director and Chief Financial Officer, World Bank Group * Andrew Bailey - Governor of the Bank of England and Chair of the Financial Stability Board * Soraya Munyana Hakuziyaremye - Governor of the National Bank of Rwanda and Chair of the AFI Board * Josh Lipsky - Atlantic Council (Moderator) Followed by the "Bangkok Blueprint Implementation" session from 02:00 - 03:00 PM in Room G-02, which dives deep into practical implementation steps for the framework. Notable news angle: The use of "Bangkok" in the global policy framework's name, alongside the participation of the Bank of England Governor who chairs the FSB, reflects that the scammer and call center syndicate problem in this region has been elevated to a global regulatory agenda. 2. Fiscal Monitor: global public debt to surge to 100% of GDP by 2029. 09:00 - 09:45 AM, Room G-03 Key highlights of the report indicate that global public debt rose to 94% of GDP in 2025 and is projected to reach 100% by 2029, driven primarily by major economies. Global fiscal positions are strained by increasing spending pressures on social welfare, defense, and strategic autonomy, alongside higher interest burdens. Meanwhile, the fiscal impacts of conflicts in the Middle East exacerbate vulnerabilities. The report also points to structural changes in government debt markets, including the growing role of highly leveraged non-bank financial intermediaries and the erosion of the safety premium on US Treasuries, which amplifies the risk of sudden price adjustments. The conclusion is that all country groups urgently need to adjust their fiscal positions credibly and in a well-prioritized manner. Presenters: Rodrigo Valdés, Director of the IMF's Fiscal Affairs Department; Era Dabla-Norris, Deputy Director; Davide Furceri, Division Chief; moderated by Pavis Devahasadin. Followed by the IMF Managing Director Press Briefing from 10:00 - 10:45 AM in Room G-03. 3. ASEAN in a Changing global landscape. 08:30 - 09:30 AM, Room G-09 - High-level panel on how ASEAN economies can maintain resilience and strengthen medium-term growth amid an increasingly uncertain and fragmented global environment. Panelists: * Kristalina Georgieva - Managing Director, IMF (Opening remarks) * Atsushi Mimura - Vice Minister of Finance for International Affairs, Japan (in charge of exchange rate policy and part of the US-Japan trade and investment agreement negotiating team in July 2025) * Scott Morris - Vice President, ADB (Overseeing East Asia, Southeast Asia, and the Pacific) * Eli M. Remolona Jr. - Governor, Central Bank of the Philippines, former Head of Asia-Pacific at the BIS * Krishna Srinivasan - Director of the Asia and Pacific Department, IMF (Overseeing 37 countries in the region) * Yasuto Watanabe - Director, AMRO * John Aglionby - Nikkei Asia (Moderator) Additionally, earlier that morning featured the IMF-AMRO Signing Ceremony from 08:00 - 08:30 AM in Room G-07, strengthening cooperation between the IMF and the ASEAN+3 Macroeconomic Research Office. 4. World Bank flagship event: unlocking Emerging market investment for job creation. 10:30 - 12:00 PM, Room G-22 - The day's flagship event featuring the highest concentration of senior executives, led by World Bank Group President Ajay Banga, along with Ed Miliband, Douglas Peterson, Shriti Vadera, Jean-Paul Servais, Shemara Wikramanayake, Karen Karniol-Tambour, Hussain Al Nowais, Atsi Sheth, Chris Wehbe, and Michael Wehrle. Moderated by Sharanjit Leyl. 5. Trade, supply Chains, and AI. 08:00 - 09:30 AM, Room 1-110 - East African Community Regional Value Chains: Lessons from Asia 11:00 - 12:00 PM, Room G-07 - Trade Diversification in a Volatile Era 04:30 - 05:45 PM, Room 1-109A - Economic Corridors and Infrastructure: Focusing on the IMEC Project 12:00 - 01:30 PM, Room 2-211D - When AI is the Employer: Platform Labor, Social Security, and ILO Convention No. 193 12:00 - 01:00 PM, Room G-13 - Digital Government with Public Service Reform and Tax Administration 04:30 - 05:10 PM, Room G-17 - Designing a New Tax System in the Age of AI 04:30 - 06:00 PM, Room G-12 - AI and State Capability 05:00 - 06:00 PM, Room G-09 - Technology for Prosperity in Emerging and Developing Countries 6. Public debt and fiscal sustainability. 09:00 - 10:30 AM, Room 2-210A - Assessing the Two-Year Progress of the IMF-World Bank Three-Pillar Approach to Addressing Liquidity and Debt Challenges 11:00 - 12:30 PM, Room 2-210A - New Evidence on Fiscal Austerity, Adjustment Costs, and Military Spending 03:30 - 04:45 PM, Room G-08 - Global Sovereign Debt Roundtable (Closed session) 09:30 - 10:30 AM, Room G-07 - AMLAC Fund Against Money Laundering and Corruption 12:00 - 12:45 PM, Room G-09 - Technology and Public Financial Management in South Asia 7. Governor talks and other interesting panels. 10:45 - 11:15 AM, Room G-09 - Post-Inflation Europe: Policy Challenges in a Changing World 01:30 - 02:00 PM, Room G-09 - Rwanda: Cross-Border Payments, Cybersecurity, and AI 03:00 - 03:30 PM, Room G-09 - Venezuela: From Crisis Management to Restoring Hope 03:30 - 04:30 PM, Room G-01 - Success Lessons on Reform and Cooperation 04:30 - 05:30 PM, Room G-15 - Aging Society and Development (An issue aligning with Thailand's challenges) The Knowledge Café in Room G-16 runs continuously all day, covering private capital mobilization for transmission grids (12:30 PM), river investments (01:45 PM), financial system conditions for private fundraising (03:00 PM), eco-industrial parks (04:15 PM), and regional vaccine manufacturing potential (05:30 PM). 8. Closing sessions and Ministerial Meetings. Meeting of African Governors with the World Bank President (08:45 AM), African Caucus with the IMF Managing Director (11:00 AM), Coalition of Finance Ministers for Climate Action (12:30 PM), IDA Forum (01:30 PM), Ministerial Discussion on Employment (02:00 PM), 10th Ministerial Meeting on Ukraine (05:00 PM), and the Pacific Islands High-Level Roundtable (05:30 PM). Livestream channels for the "IMF-World Bank 2026" Meetings: * Livestream of the IMF-World Bank 2026 Meetings via IMF Live online channel * Livestream via YouTube: https://www.youtube.com/@imf/streams * Livestream of the IMF-World Bank 2026 Meetings via World Bank Group Live online channel * Livestream via YouTube: https://www.youtube.com/@WorldBankGroup/streams * Livestream via Facebook: https://www.facebook.com/AM2026THAILAND * Livestream via YouTube: https://www.youtube.com/@AM2026thailand * Livestream via TikTok: https://www.tiktok.com/@am2026thailand MOST VIEWED