ABU DHABI: The UAE Ministry of Finance is participating in the 9th meeting of the Under-Secretaries of Ministries of Finance in the Arab Countries, organised by the Arab Monetary Fund on 22nd and 23rd January 2024, in Abu Dhabi.
The meeting was attended by the Under-Secretaries of Ministries of Finance, alongside a number of experts from the International Monetary Fund (IMF), the World Bank, and the Organisation for Economic Co-operation and Development (OECD), to discuss a number of issues related to fiscal policies in the Arab countries, through six discussion sessions in addition to three dialogue sessions to transfer the experiences of the Arab countries, as well as a final session dedicated to discussing the agenda of the upcoming meeting of the Council of Arab Finance Ministers scheduled to be held in May
Participating from the UAE Ministry of Finance were Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, Ali Abdullah Sharafi, Assistant Under-Secretary for International Financial Rela
tions, and a number of specialists from the ministry.
Commenting on the importance of this meeting, Younis Haji Al Khoori said, ‘The meeting presents a key opportunity to exchange experiences and enhance coordination related to developments in fiscal policies and economic and financial reform efforts undertaken by fellow Arab nations to achieve economic and financial stability and promote inclusive and sustainable growth.’
He also expressed his gratitude to the Under-Secretaries of Ministries of Finance, for presenting their countries’ experiences and to the IMF, the World Bank, and the OECD for participating in the meeting.
Dr. Fahad Alturki, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, opened the meeting with a speech in which he touched on the importance of studying forecasts for the coming years by analysing current variables on revenues, expenditures, deficits, and debts to determine their impact on fiscal policy risks and their effects on the macroeconomy in ligh
t of declining growth and rising financing costs.
In the first session, titled Financing Policy Risks in Light of Declining Growth Rates and High Financing Costs, the IMF addressed the sources of financial risks in the Middle East and North Africa region, ways of reforms and risk mitigation, and providing comprehensive analytical frameworks for policymakers to fully embrace financial risks in all their dimensions. It called for authorities to intensify efforts to build their capacity to identify and evaluate financial risks comprehensively and their budget exposure to them. This was followed by input from the Hashemite Kingdom of Jordan, the Kingdom of Bahrain, and the Arab Republic of Egypt, followed by an open discussion from the Under-Secretaries of Ministries of Finance.
The second session, titled ‘Green Economy and Transition to Clean and Renewable Energies’, welcomed contributions from several Arab countries. The World Bank presented a working paper on the specific impacts of climate change on the Mid
dle East and North Africa region and policy trends to enhance the green transition, fiscal policy tools, and measures that can help enhance the green transition from fossil fuels to renewable energy sources. During the session, the UAE presented its experience in transitioning to a green economy and adopting clean and renewable energy.
In the third session, titled ‘Sovereign Sustainability Linked Instruments: Opportunities and Challenges of Effective Implementation’, the Arab Monetary Fund presented an overview of the opportunities and challenges. In addition, the fourth session, titled ‘Interaction between Fiscal and Monetary Policies and Impact on Economic Performance’, also witnessed a presentation by the Arab Monetary Fund.
The second day of the meeting will begin with the fifth session, titled ‘The Role of Fiscal Policy in Integrating the Informal Economy’, including presentations from the Arab Monetary Fund, the Kingdom of Bahrain, the People’s Democratic Republic of Algeria, and the Republic of Yemen
. The sixth session, titled ‘Experiences of Arab Countries in the Field of Strengthening Social Safety Networks’, is expected to see presentations from the Undersecretaries of Ministries of Finance in Algeria, Oman, Palestine, and Morocco. The seventh session, titled ‘Experiences of the Arab Countries in the Field of Expanding Fiscal Space in the Light of Current International Developments’, will witness presentations from Under-Secretaries of Ministries of Finance, including Bahrain, Tunisia, Comoros, and Mauritania.
Continuing the second day’s activities, the OECD will present the eighth session, titled ‘Tax Challenges Arising from Digitalization: Compliance Aspects and Implications for Arab Countries’, which will include contributions from the UAE as well as several other Arab countries.
The ninth session, titled ‘Enhancing the Efficiency of Government Spending’, will be an open dialogue among the Undersecretaries of Ministries of Finance, where the UAE Ministry of Finance will share its fiscal policy di
scipline, which stands out because of the strong financial performance and diversity of government revenues, and the UAE’s top ranking in global competitiveness indicators as one of the most financially efficient and up-to-date with global developments.
The final session will discuss preparations for the 15th meeting of the Council of Arab Finance Ministers, scheduled for 22nd May 2024, in Cairo, which will be held on the sidelines of the Joint Annual Meeting of Arab Financial Institutions.
Source: Emirates News Agency