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 States
  • The Uae Participates In The Sixth Session Of The Public Finance Forum In The Arab States

ABU DHABI, November 17 / WAM / The Ministry of Finance participated in the Public Finance Forum for Arab Countries with the Arab Monetary Fund and the International Monetary Fund, which was held through video communication techniques with the aim of sharing experiences and discussing the challenges confronted decision-makers and policies in the Arab region in the context of economic and financial developments As well as discussing ways to improve the necessary measures to achieve recovery from the Corona pandemic “Covid-19” and a return to normal life.

The Forum’s activities began with an opening session initiated by His Excellency Muhammad bin Hadi Al Husseini, Minister of State for Finance, during which he welcomed the delegations participating in the Forum, which is an important platform for finance ministers in the Arab countries to discuss issues of governance and transparency and the role of modern technologies in public finances and discuss ways to support the recovery phase and the role of investment.

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

Speaking during his address, His Excellency Mohammed bin Hadi Al Husseini indicated that with the receding effects of Covid-19 and in light of the proactive efforts of the wise leadership of the UAE and the launch of Expo 2020 activities amid great worldwide interest, the The UAE is entering the new fifty years with clear national priorities and a new methodology, based on the principles of fifty, supported by a flexible federal budget that keeps pace with changes and developments.

His Excellency said: “The UAE has delivered a unique model to deal with the Covid-19 pandemic as the aggregate value of the economic support packages and initiatives provided by federal and local governments since the start of the pandemic has increased. than 90 billion US dollars.”

His Excellency added: “The UAE’s wide access to the vaccine (where the country has achieved a full coverage rate of 89%) along with strict social distancing measures have helped prevent the spread of infection and enabled us to start recovery efforts in early 2020 start and invest in Prepare for the future, and overall we were able to limit the economic contraction to 6.1% in 2020, with an immediate return to projected GDP growth of 2.1% in 2021 and 4.2% in 2022.” His Excellency continued: “The current year 2021 is expected to be the start of a much anticipated recovery and adjustment period, especially with the trend to take available vaccines. It is necessary to achieve fair and equitable distribution of vaccines worldwide, and the UAE continues to facilitate global response efforts through the Alliance of Hope launched in 2020 to deliver one of the most effective vaccine supply chains in the world, having processed more than 100 million vaccine doses in 40 countries to date.” At the end of his address, His Excellency raised two key points for the International Monetary Fund and the Arab Monetary Fund to discuss the best proposed policies to address the growing inflation concerns in the Middle East, which will lead to to higher food prices and the disruptions caused by the epidemic in the global supply chain, taking into account the difficult financial conditions, including the rise in public debt to historic highs and the likely worsening economic and social effects of high unemployment rates, as well as the policy recommendations made by the two Funds are proposing governments to preserve the wealth of the middle class, which has likely been hit by the “Covid-19” pandemic and its disparate impact has exacerbated income inequality in the region’s communities.

It is worth noting that the activities of the Sixth Session of the Public Finance Forum for Arab Countries were opened with the participation of Their Excellencies, the Ministers of Finance and the Governors of Central Banks and Monetary Institutions in the Arab Countries, and in the presence of the Director General of the International Monetary Fund and several heads of regional and international financial institutions.

WAM/ Ahmed Al Nuaimi/ Ahmed Al Botli

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