Abu Dhabi / WAM
Obaid Humaid Al Tayer, Minister of State for Financial
Affairs, opened on Monday the first Arab Fiscal Forum – Fiscal Policy and Growth, in Abu Dhabi, held in co-operation with the International
Monetary Fund (IMF).
The two-day event is
being attended by Christine
Lagarde, Managing Director of IMF, Arab Finance Ministers, senior officials, experts from regional and international financial institutions, and Arab Central Banks.
The forum examines recent fiscal developments in the Arab region in the context of broader global developments in the light of intensifying conflicts and depressed international oil prices that have affected the region’s oil
exporters. The platform also
reviews proper use of fiscal buffers and financing options to mitigate the adverse impact.
In his inaugural speech, Al Tayer welcomed the guests, notably the IMF Managing Director, for her keenness to attend the event, congratulating her for winning the second term in office.
He referred to the significant achievements of the UAE in strengthening public finances and increasing the efficiency of spending and financial planning, especially through adopting the state competitiveness in a manner that enhances a sustainable growth.
“The UAE has adopted a set of policies and procedures such as the public finance medium-term framework, zero budgeting, liberalisation of fuel prices, in addition to enacting a set of draft laws in this respect,” Al Tayer said.
He said that the federal government carried out a range of important initiatives consistent with the vision
of the wise leadership in
the field of innovation, while
noting that the state
established a fund to support
innovation with AED2billion,
and also held a brainstorming
high-level session in order to draw a post-oil strategy. As a result of these efforts, he continued, the UAE has been catapulted to advanced positions worldwide regarding the fiscal policy indicators by
various international competitiveness reports. Al Tayer said the forum tackles issues from the strategic perspectives, stressing the importance of having policies or economic solutions based on models that precisely fit the
economic structures of the countries in the region.