The Ministry of Finance (MoF), represented by the International and Regional Financial Organizations Department and Coordination of Fiscal Policies Department, organised in Dubai a workshop on developing a fiscal framework for growth in collaboration with the World Bank.
The workshop was attended by key partners from both Departments. Also attending alongside the Ministry of Finance and the World Bank were representatives from the Prime Minister’s Office, the Ministry of Economy, UAE Central Bank, Dubai Economic Council, Emirates Competitiveness Council, Executive Office – Dubai, Department of Economic Development – Abu Dhabi, Department of Economic Development – Dubai, the Financial Audit Department of Umm Al Quwain, in addition to representatives from local finance departments in Dubai, RAK and Fujairah.
The workshop was headed by HE Younis Haji Al Khoori, Undersecretary of MoF; in the presence of HE Khalid Ali AL Bustani, Assistant Undersecretary for International Financial Relations at MoF; Participants discussed three main element: “How to maximise the impact of fiscal policy on long-term growth?”, “Ways and mechanisms of revenue diversification” and “Maintaining UAE fiscal sustainability”.
Speakers during the workshop included Dr. Marcelo Giugale, Macroeconomic & Fiscal Management Global Practice (World Bank), Dr. Auguste Kouame: Manager, MFM GP. (World Bank), Dr. Raj Nallari: Lead Economist, GCC (World Bank) and Dr. Nadir Mohammed, GCC Country Director. (World Bank).
In his opening speech, HE Younis Haji Al Khoori said: “The Ministry has organised this workshop in cooperation with the World Bank to review the latest developments on the fiscal policies in accordance with best practices. Organising this workshop reflects the Ministry’s strategy and vision to build strategic partnerships with regional and international development organisation, and strengthen cooperation and coordination to support the development process and achieve financial balance and economic stability.”
HE added: “In recent years, the UAE has witnessed significant progress in the coordination of fiscal policies between federal government and local government. This has been applauded by international organisations, which had a strong impact in raising the competitive level in the UAE.”
HE concluded stating that it is within the Ministry’s strategy to provide all its efforts in supporting the development and coordination with regional and international insittutions and organisations to maximise the use of services and projects submitted by these authorities.”
Organising this workshop reflects the Ministry’s strategy to strengthen UAE government and private entities benefits from the World Bank’s technical support and services; specifically in identifying the global best practices in public expenditure and financial accountability and developing budget systems.