IMF chief commends UAE for economic diversification

ABU DHABI / WAM

Christine Lagarde, Managing
Director of the International Monetary Fund (IMF), has commended the UAE authorities for having built large fiscal and external buffers, advancing economic
diversification and taking steps to address the consequences of the sharp drop of oil prices, notably the reform of fuel subsidies.
She added that the IMF enjoys a strong relationship with the UAE, stressing that the fund will continue to help the country through policy advice and capacity development.
Concluding her first official visit to the United Arab Emirates this week, the IMF Managing Director made the following statement:
“I would like to express my gratitude to the UAE authorities and people for welcoming me during my visit to Abu Dhabi and Dubai.
“During my meetings, I commended the UAE authorities for having built large fiscal and external buffers, advancing economic diversification and, more recently, taking steps to address the consequences of the sharp drop of oil prices, notably the reform of fuel subsidies. At the same time, I highlighted the importance of pursuing gradual fiscal consolidation by raising non-oil revenues and fully phasing out energy
subsidies.”