The UAE is hosting the meeting of Undersecretaries of Arab Ministries of Finance on January 13-14, 2016 in Abu Dhabi. The meeting, which will be organised by the Ministry of Finance (MoF) in cooperation with Arab Monetary Fund (AMF), aims to discuss a number of key issues on financial policy coordination between Arab countries.
It will also shed light on economic, regional and international challenges and future steps to support economic growth for Arab countries and strengthen investment opportunities. The Undersecretaries’ recommendations will be discussed by the Arab Ministers of Finance in their next meeting, which will be held in the Kingdom of Bahrain in April 2016.
The meeting will be attended by a large number of representatives from Arab Countries and a number of financial organisations, including the International Monetary Fund (IMF), World Bank Group and experts from the financial and economic sectors.
Commenting on the meeting, HE Younis Haji Al Khoori, Undersecretary of MoF, said: “The UAE, represented by the Ministry of Finance, seeks to strengthen cooperative work bonds with different Ministries of Finance in the Arab countries through forums and meetings to discuss financial and economic coordination; which support overall development and growth. This is important to align visions to enhance and develop Arab financial systems in a manner that addresses citizens’ aspirations.”
HE added: “We are keen to strengthen the UAE’s status, and to enhance its financial relations on an Arab-wide level. This is in line with the UAE’s commitment to support social and economic development in different Arab Countries through exchanging experiences and attracting more investments.”
The meeting’s agenda during the first day will include discussions on a number of papers and memos, especially the ones provided by the IMF and the World Bank Group. A number of topics to be addressed will include developing economic diversity policy in oil-exporting Arab countries, investment and growth realities in Arab countries, enhancing flexibility of labor markets for job creation in Arab region, as well as a memorandum on policies and case studies on enhancing the role of the informal sector in the economy.
During the second day, participants will also discuss policies and tax reforms in Arab countries, and the latest developments on organising the forthcoming Arab Fiscal Forum. Other items to be discussed are the UAE’s initiative to support the development of Arab countries and preparations for the forthcoming Meeting of the Council of the Arab Ministers of Finance which will be held in the Kingdom of Bahrain in April 2016.