MoF takes part in ‘Arab ministries of finance’ meet

Abu Dhabi / WAM

The Ministry of Finance (MoF) participated in the Second Annual Under-Secretaries of Arab Ministries of Finance meeting which commenced in Abu Dhabi.
The meeting, which was organised by the Arab Monetary Fund, AMF, in cooperation with the MoF, was attended by Younis Haji Al Khoori, Under-Secretary of MoF, and Khalid Ali Al Bustani, Assistant Under-Secretary for International Financial Relations at MOF, along with Under-Secretaries of Arab ministries of finance and representatives from the International Monetary Fund, IMF, World Bank Group, WBG, and delegations from participating countries.
The meeting reviewed a number of topics, including oil price reforms, economic diversification policies, enhancing general finance and growth, tax policies and systems, VAT implementation in Arab countries, and intra Arab trade payment settlements.
Commenting on the MoF’s participation, Al Khoori said, “The UAE, represented by the Ministry of Finance, commits to strengthening joint Arab financial work, developing leading interactive platforms for discussions, exchanging knowledge of important regional topics and joining in dialogue with other Arab nations regards their own economic situation. This is important to develop unilateral solutions to enhance the economies and financial policies of every country, and reflects the UAE’s goal to support the sustainable and economic development in Arab countries.”
The meeting also discussed the need to develop the Arab Regional Payment System to create a mechanism that reduces the need for global financial centres to settle intra Arab trade payment. This will enhance the opportunity to use Arab currencies, achieve optimal use of time and expenses and strengthen intra Arab investments and trade opportunities.
The meeting concluded with the preparation for the agenda of the eighth annual meeting of the Council of Arab Ministers, to be held in Rabat, Morocco, on April 18.