IMF’s Lagarde on first official visit to the UAE

Published February 21st, 2016 - 08:00 GMT
Christine Lagarde was recently elected to a second five-year term as IMF Managing Director, with no rival candidates.  (File photo)
Christine Lagarde was recently elected to a second five-year term as IMF Managing Director, with no rival candidates. (File photo)

On the sidelines of Christine Lagarde’s, Managing Director of the International Monetary Fund (IMF), first official visit to the UAE; the Ministry of Finance (MoF) has stresses that the UAE has attained a prestigious status in terms of its relations with international financial institutions, specifically with the IMF.

UAE joined IMF as a member under the federal decree No.40 for the year 1972.

During her visit, Christine Lagarde will meet with senior political and economic figures in the UAE, including H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance; Obaid Humaid Al Tayer, Minister of State for Financial Affairs. Christine Lagarde will also participate in the activities of the Arab Financial Forum organised by IMF.

The meeting will highlight the joint relations between the UAE and the Fund, and ways of developing them. This is following the directives of the UAE’s leadership to consolidate the joint relations with various international financial institutions, strengthen the country’s position as a global hub for similar institutions, which will raise the UAE’s competitiveness level in fields of financial policies among various competitiveness reports across the world.

Commenting on this visit, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed the solid relations enjoyed by UAE and IMF, specifically in terms of enhancing the government financial policies adopted by the country, as well as raise the level of discussions carried out by both parties on Article IV of the Fund. This confirms the Ministry’s commitment to expand the UAE’s network and enhance its relations with various countries across the world as well as international and regional financial institutions.

Al Tayer said, " The Ministry of Finance continues to consolidate the UAE’s position as a regional and international hub to support economic development and enhance financial policies that drive growth at the level of Arab countries. This is following the belief of the UAE wise leadership to promote employment opportunities and ensure high standards of welfare to the people. In fact, we will have discussions with Christine Lagarde on the latest financial and economic developments."

In October 2015, the IMF in its report highlighted that the national economy is growing at a rate twice faster that the Eurozone. The Fund stated that the UAE witnessed a steady economic growth path with the help of the financial and monetary stability led by the Ministry, and its commitment to strengthen the country’s position in the region and across the world.

The report highlighted that at a time when the world is witnessing a decline in oil prices by more than 60%, the financial policies adopted by the Ministry of Finance, which focus on reducing dependence on oil sectors by 30% over the past decades, worked on providing an appropriate environment for the expansion of the productive base by increasing dependence on non-oil sectors.

 


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