Economy

The ninth meeting of Arab Deputy Ministers of Finance discusses financial policies in Abu Dhabi

Abu Dhabi (UNA/WAM) - The Emirati capital, Abu Dhabi, hosted the ninth meeting of the Undersecretaries of the Finance Ministries in the Arab countries, which was organized by the Arab Monetary Fund on January 22 and 23 in the presence of the Undersecretaries of the Arab Finance Ministries, along with a number of experts from the Monetary Fund, the World Bank, and the Economic Cooperation Organization. and Development (OCED), to discuss a number of issues related to financial policies in Arab countries.

The meeting included 6 discussion sessions and 3 dialogue sessions to convey the experiences of Arab countries, in addition to the final session dedicated to discussing the agenda of the meeting of the Council of Arab Finance Ministers scheduled to be held next May.

Dr. Fahd bin Mohammed Al Turki, 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 expectations for the coming years by conducting an analysis of the current variables on revenues, expenditures, deficits and debts, to determine the extent of their impact on financial policy risks, and their effects on the overall economy in light of the decline. Growth and high financing costs.

The International Monetary Fund gave a presentation in the first session on “Fiscal Policy Risks in Light of Declining Growth Rates and the High Cost of Financing,” where the sources of financial risks in the Middle East and North Africa region were addressed, ways of reforms and mitigation of risks, and providing broad analytical frameworks for policy makers. In order to fully accept financial risks in all their dimensions, and to call for intensifying the efforts of the authorities to build their ability to identify and comprehensively evaluate financial risks and the extent of the budget’s exposure to them, this was followed by interventions from the Hashemite Kingdom of Jordan, the Kingdom of Bahrain and the Arab Republic of Egypt, followed by an open discussion from the Arab Undersecretaries of the Ministries of Finance.

The second session touched on “the green economy and the transition to clean and renewable energies,” with interventions on the same topic from a number of Arab countries. The World Bank’s working paper presented the specific impacts of climate change on the Middle East and North Africa region, policy trends to promote the green transition, and financial policy tools and measures that can To help promote the green transition, from fossil fuels to renewable energy sources. During the session, the UAE’s presentation was presented, including the country’s experience in transitioning to a green economy and adopting clean and renewable energy.

During the third session, the Arab Monetary Fund gave a presentation on “Sovereign Instruments Related to Sustainability: Opportunities and Challenges for Effective Implementation,” while the fourth session touched on “The Interaction between Fiscal and Monetary Policies and the Impact on Economic Performance.”

The second day of the meeting began with the fifth session, which deals with “the role of fiscal policy in integrating the informal economy,” and in the sixth session, “the experiences of Arab countries in strengthening social security networks” are reviewed, while the seventh session presents the experiences of Arab countries in terms of expanding fiscal space in... In light of current international developments.

The Organization for Economic Cooperation and Development participated in the presentation of the eighth session on “Tax Challenges Arising from Digitization: Compliance Aspects and Implications for Arab Countries,” and it included an intervention from the UAE and a number of Arab countries.

As for the ninth session, it was about “Enhancing the Efficiency of Government Spending,” and witnessed an open discussion by Arab Undersecretaries of Finance Ministries, in which the UAE Ministry of Finance reviewed the discipline of the UAE’s financial policy, which can be felt through the strong financial performance and diversification of government revenues, and the distinction of the UAE government in global competitiveness indicators as one It is one of the most financially efficient and keeps pace with global changes, which is confirmed by the country’s success, the flexibility of the government financial work system and the achievement of digital transformation of federal government services, in addition to adopting a balanced and sustainable economic model that works to achieve sustainability in the economic, social and environmental sectors.

The closing session touched on the preparation for the fifteenth meeting of the Council of Arab Finance Ministers, on May 22, 2024 in Cairo, Arab Republic of Egypt, where the fifteenth regular session of the Council of Arab Finance Ministers will be held on the sidelines of the annual meetings of the joint Arab financial bodies.

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