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Rabat /Â WAM
A proposal from the UAE to develop innovative plans to help other Arab countries in addressing current economic and financial problems, while boosting economic development, was presented to Arab finance ministers at the eighth ordinary session of the Council of Arab Ministers of Finance, being held in Rabat, Morocco.
The proposal can help achieve significant progress in joint Arab financial institutions to empower them to back development amid political, economic, social and institutional crisis hitting the region, said Obaid Humaid Al Tayer, Minister of State for Financial Affairs, head of the UAE delegation, at the meeting.
The proposal features eight pillars, including development, reconstruction, creation of jobs for the youth and women, encouraging innovation and creativity, and developing programmes for Arab countries hit by conflicts to address development and reconstruction, according to Al Tayer.
The proposed initiative provides a significant boost for innovative and non-traditional ideas for developing joint Arab action to overcome current constraints imposed by agreements and regulations governing Arab financial institutions, he noted.
The UAE initiative proposes the creation of a commission comprising representatives of major Arab institutions- the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the Arab Bank for Economic Development in Africa, the Arab Investment and Export Credit Guarantee Corporation (Dhaman), the Arab Authority for Agricultural Investment and Development, and the Council of Arab Ministers of Finance- to study the set goals and working mechanisms for addressing challenges facing most Arab countries, he added.
The initiative calls for broadening co-operation and consultation between Arab states and institutions and the relevant international institutions to identify priorities, needs and innovative mechanisms, Al Tayer noted.
Al Tayer further highlighted the need for supporting and empowering women to play a wider role in development and innovation.
The UAE, represented by the Ministry of Finance, MoF, also participated in the two-day Joint Annual Meeting of Arab Financial Institutions, which concluded today.
The Rabat meetings represent a major Arab platform to discuss key topics such as finance, economy, and the creation of future strategies to support the sustainable development for Arab countries.