December 4, 2021

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Emirates News Agency - UAE Participates in the Sixth Session of the Public Finance Forum in the Arab Countries

Emirates News Agency – UAE Participates in the Sixth Session of the Public Finance Forum in the Arab Countries

  • The UAE participates in the sixth session of the Public Finance Forum in the Arab world

Abu Dhabi, 17 November The Ministry of Finance participated in the General Finance Forum for the Arab Countries with the WAM / Arab Monetary Fund and the International Monetary Fund, which aimed to exchange experiences and discuss challenges through video communication techniques. It confronts decision-makers and policies in the Arab region in the context of economic and financial development, and discusses ways to improve the measures needed to recover from the corona epidemic “Govt-19” and return to normal life.

The activities of the forum started with an inaugural session which was inaugurated by the Minister of State for Finance, His Excellency Mohammed bin Hadi Al-Husseini, during which he welcomed the delegates to the forum, which is an important platform for finance ministers. Discuss governance and transparency in Arab countries and the role of modern technologies in public finance, as well as ways to support the recovery phase and the role of investments.

His Excellency Kristalina Georgieva, Director General of the International Monetary Fund and His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General of the Arab Monetary Fund and Chairman of the Board of Directors also addressed the opening session.

During his speech, His Excellency Mohammed bin Hadi Al Husseini pointed out that the repercussions of Govt-19 are diminishing and in light of the serious efforts of the wise leadership of the United Arab Emirates, the launch of Expo 2020 activities is taking place amidst global interest. The United Arab Emirates is entering a new fiftieth year with clear national priorities and new approaches. It is based on fifty principles, supported by a flexible federal budget.

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He said, “Since the total value of economic support packages and initiatives provided by the Central and local governments since the outbreak has reached US $ 90 billion, the United Arab Emirates has provided a unique model in dealing with the Kovit-19 epidemic.”

His Excellency added: “The United Arab Emirates’ broad access to the vaccine (the country has reached 89% of the full vaccination rate) and drastic social outreach measures have helped prevent the spread of the epidemic and allowed us to begin recovery efforts in early 2020. Invest in the future as a whole, by 2020. The contraction was contained to 6.1%, with GDP growth expected to return to 2.1% in 2021 and 4.2% in 2022. The Hon. Achieving a fair and equitable distribution of vaccines worldwide is essential. The UAE continues to implement global response efforts through the Alliance of Hope, launched in 2020, to deliver one of the world’s best vaccine distribution chains, having handled more than 100 million vaccines so far in 40 countries. At the end of his speech, he addressed the esteemed International Monetary Fund and the Arab Monetary Fund on two key issues: These two funds propose to governments to protect the wealth of the middle class, which may have been affected by the “Govit-19” epidemic, as well as policy recommendations, taking into account epidemic disruptions in the global supply chain, the worsening economic and social consequences of rising national debt levels to historic heights and higher unemployment rates.

It is pertinent to note that the activities of the Sixth Session of the Public Finance Forum for the Arab States began with the participation of the Ministers of Finance of the Arab States and the Governors of the Central Banks and Monetary Institutions. Director General of the International Monetary Fund and heads of several regional and international financial institutions.

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WAM / Ahmed Al Nuaimi / Ahmed Al Bodli