UAE Ministry of Finance participates in third meeting of the Under

The UAE Ministry of Finance is participating in the third meeting of the Under-Secretaries of Arab Ministries of Finance that commenced in Abu Dhabi this morning.

Younis Haji Al Khoori, Under-Secretary of the Ministry, representatives from the International Monetary Fund, IMF, World Bank Group, WBG and the Organisation for Economic Cooperation and Development, OECD, are participating in the two-day meeting, organised by the Arab Monetary Fund, AMF, in cooperation with the Ministry of Finance.

Al Khoori welcomed the under-secretaries and highlighted that the meeting reflects a collective commitment to strengthen the Council’s role as a platform to coordinate, exchange experiences, expertise and ideas on financial developments and financial and economic reforms in Arab countries.

The meeting’s agenda includes a number of papers on public financial reforms framework, including one provided by the IMF on reforming rent bills in Arab countries, a paper provided by the World Bank on enhancing initiatives to develop public and private sector partnerships in Arab countries, particularly with regards to financing public investments and discussing a study on subsidy policies.

The AMF paper titled "Subsidy Policies in Arab countries" discusses the government’s role in subsidies, steps to implement necessary reform to reduce subsidy burden and move to a more efficient way to target those low-income segments most in need.

Al Khoori emphasised the importance of reviewing subsidy policies and implementing reform measures to rationalise subsidies to achieve social justice and support economic stability. He also stressed the requirement to reduce the burden of government subsidies through efficient targeting of those who require the support. He said, "The UAE has taken advanced steps towards implementing subsidy reforms and adopting a new approach in line with best international practice."

The Under-Secretaries of Arab Ministries of Finance will discuss reforms and policy frameworks on managing public finances in Arab countries.