HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs
The Ministry of Finance (MoF) participates in the Second Arab Fiscal Forum which is organised by the Arab Monetary Fund (AMF) in collaboration with the International Monetary Fund (IMF). HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs delivered a speech during the forum, in the presence of Christine Lagarde, IMF Managing Director; HE Dr. Abdulrahman A. Al Hamidi, Director General Chairman of the Board of the AMF; Arab ministers of finance; governors of central banks and senior officials and experts from regional and international financial organisations, including participating finance ministries in Arab countries.
In his speech, HE Obaid Humaid Al Tayer stressed the UAE’s gratitude as host of the Arab Fiscal Forum for the second year running. The forum brings together decision makers and thought leaders, as a platform to promote constructive dialogue on economic and financial issues in the face of the numerous regional challenges that must be addressed in order to guarantee sustainable growth and social welfare.
HE Al Tayer added: “Current economic conditions pose a number of challenges that should be addressed by decision makers, in order to design appropriate policies that promote inclusive and sustainable growth, and commensurate with the economic prospects, social conditions and long-term strategies for each country. This requires detailed and in depth studies that take into account local dimensions in light of international perspectives, as well as in accordance with international models and global best practices.”
HE Al Tayer stressed the significant role of financial policies in achieving sustainable growth and macroeconomic management, to ensure price stability, external balance, raising the level of employment, social justice, in addition to the traditional functions in security, defense and judiciary fields. In fact, these require deliberate interventions to the socio-economic life.
HE AL Tayer added: “Good public finance management is measured based on several areas including fiscal policy effectiveness, safety and budget transparency. The biggest challenge faced by government spending is the balance in providing public services, achieving long- term fiscal sustainability, tax burden within a limit that does not affect growth.”
HE also explained: “Government spending is a key element in the economic development process, therefore there should be efficient management of public spending and policies; as the financial rules, performance management, institutional frameworks, play a crucial role in achieving efficiency, and in facing challenges in the medium and long terms. This is to reach sustainability in public spending, ensure achieving the desired economic goals and social welfare, by focusing on performance criteria, evaluating economic feasibility, and control, in addition to the study of potential services that can be delivered by the private sector instead of the public sector, under the terms of efficiency and distributive justice.”
HE highlighted that this forum will provide a platform to establish new collaborations for sustainable economic development along with providing an opportunity to exchange views and experiences with government officials and thought-leaders to discuss cooperation and to strengthen strategic partnerships in line with our nation’s aspirations for a better future.
HE concluded: “I would like to extend my gratitude to the Arab Monetary Fund for the well organised forum, and to the International Monetary Fund for its contribution in the success of this forum. I would like to also extend my gratitude to the participants and everyone who contributed in the success of this forum. I hope these meetings will continue to strengthen our integration and businesses.”
The Ministry of Finance organised last February 2016 the first Arab Fiscal Forum- Fiscal Policy and Growth of Arab Countries, in collaboration with the AMF and IMF. The Arab Fiscal Forum was held in the presence of Christine Lagarde, Managing Director of the IMF along with the participation of senior officials and experts from regional and international financial organisations, finance ministries and central bank representatives in Arab countries. The forum discussed topics on financial policy challenges and economic growth in the Arab region in light of recent economic and financial developments, particularly the sharp decline in oil prices and the slowdown in world economic growth.