UAE Ministry of Finance and the IMF review report on article IV discussions

This meeting was held in preparation for the IMF delegation's upcoming visit in April.

The IMF delegation was welcomed by a group of MoF officials led by HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance and while Harold Finger headed the IMF delegation. Other attendees of the meeting included HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial, Saeed Rashid Yateem, Assistant Undersecretary for Resources and Budgets, in addition to other MoF employees and experts from IMF.

The meeting shed light on the financial policies and legislations issued by MoF in 2012, as well as the most important developments in public debt management, revenues and budgets. The IMF delegation highlighted the strength of the UAE's economy and its continuous growth which is positively reflecting on the UAE's development as a whole.

The IMF predicted that the UAE's GDP will grow to 3.1% in 2013, as a result of economic, investment, trade, tourism and logistics activities. In addition, it expected that the non-oil sector will continue to prosper throughout 2013 with the aid of high levels of capitalisation and liquidity by the banking system in the UAE.

Commenting on the importance of the Ministry's discussion with the IMF, HE Younis Haji Al Khouri, Undersecretary of MoF said: "We will continue here at the Ministry of Finance to coordinate with the International Monetary Fund regarding Article IV as this article reflects the economic growth the UAE has achieved to date. I would also like to emphasise on the role of the Ministry in supporting and strengthening the UAE's economy through the many legislations it is issuing and by receiving consultations from renowned economists. These efforts aid in strengthening the fiscal policies of the UAE."

The IMF concluded the meeting by reviewing the positive steps that the UAE has taken in the fields of financial and economic policies which had enabled it to remain strong and to overcome the negative effects of the global financial crisis.