Ministry of Finance Holds Government Financial Policy Coordination Council’s Third Meeting for 2020

The Ministry of Finance (MoF) held the Government Financial Policy Coordination Council's third meeting of the year yesterday, 27 September 2020, where discussions were held to boost the UAE’s standing on the global competitiveness map.

H.E. Younis Haji Al Khoori, Undersecretary of the MoF and Chairman of the Council, chaired the meeting, which was held virtually, alongside H.E. Saeed Rashid Al Yateem, the Assistant Undersecretary of Resources and Budget Sector and the Vice-President of the Council.

The meeting was also attended by council members from several UAE government entities, and representatives of UAE departments of finance. In attendance were: H.E. Saif Hadef Al-Shamsi, Deputy Governor at the UAE Central Bank; H.E. Hisham Khaled Malak, Acting Undersecretary at DoF - Abu Dhabi; H.E. Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at DoF – Dubai; H.E. Waleed Ibrahim Al Sayegh, Director General of the Sharjah Finance Department; H.E. Yousef Ali Muhammad Al Balushi, Director General of Ras Al Khaimah Finance Department; H.E. Marwan Ahmed Al Ali, Director General of DoF - Ajman; H.E. Khalifa Saeed Ghanim, Director General of the Department of Finance and Administration in the Emirate of Umm Al Quwain and H.E. Youssef Abdullah Al Awadi, Deputy Director of DoF – Fujairah.

H.E. Al Khoori underscored the importance of the meeting in analysing financial statements and deliberating issues in financial and monetary policies, considering the unprecedented circumstances the world is experiencing due to the COVID-19 pandemic.

H.E. El Khoori said: “The Government Financial Policy Coordination Council is keen to boost cooperation with all departments of finance in the UAE government, in order to devise proactive solutions and initiatives that support comprehensive economic development and elevate the UAE's position on the global competitiveness map.”

The Council discussed the decisions from the last meeting and their recommendations, and reviewed the annual financial statements of the UAE for 2019 as well as the financial statements for Q1 and Q2 of 2020. Also deliberated were the joint fee initiative and the preparation plan towards the next 50. Additionally, H.E. Saif Hadef Al-Shamsi made a presentation by the Central Bank of the UAE on the latest developments related to the comprehensive economic support scheme that was launched in March 2020.

The Government Financial Policy Coordination Council was formed by the UAE Cabinet's decision No. (39) of 2008. Its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments and a representative of the UAE Central Bank. ​The Council holds three meetings annually, and it is reconstituted every three years.