MoF Participates in the 44th Session of the UN IFAD Governing Council
The UAE, represented by the Ministry of Finance (MoF), participated in the 44th session of the UN agency’s International Fund for Agricultural Development (IFAD) Governing Council. The session took place virtually on the 17th and 18th of February, and sought to deliberate ways to enhance capability to mitigate global challenges related to the COVID-19 pandemic, climate change, rural development, among others.
His Excellency Younis Haji Al Khoori, Undersecretary of MoF headed the UAE delegation, which included His Excellency Omar Obaid Al Shamsi, UAE Ambassador to Italy; and Ahmed Almulla, Deputy Head of Mission, UAE Embassy in Rome. That, in addition to Yousef bin Hajar, Member of the Executive Board of IFAD and Deputy Director of International Financial Relations Department at MoF; and Moza Saeed Almatrooshi, Organisations, Institutions & Government Investments Section Head at MoF. His Excellency Gilbert Houngbo, President of IFAD, as well as IFAD’s governors, representatives of invited countries and members of the Executive Board of IFAD attended the session.
His Excellency Al Khoori stressed on the importance of this meeting in continuing dialogues on supporting the pioneering work process led by the IFAD to improve investment opportunities in the development process, and support the rural population, to achieve the goals and eradicate poverty and hunger. His Excellency Al Khoori said: “The UAE will continue to support IFAD’s efforts to combat poverty and enable development in developing countries, in order to achieve the 2030 Agenda for Sustainable Development, which aims to end poverty and hunger and overcome inequality in a sustainable manner by 2030”.
The meeting approved the report of the Emoluments Committee; the synthesis of deliberations of the fifth global meeting of the Indigenous Peoples' Forum at IFAD, the Twelfth Replenishment of IFAD's Resources; and the proposed amendments to IFAD’s Basic Legal Texts. That, in addition to the consolidated financial statements of IFAD for 2019; IFAD’s 2021 results-based programme of work and regular and capital budgets; the Independent Office of Evaluation (IOE) results-based work programme and budget for 2021 and indicative plan for 2022-2023, as well as the Heavily Indebted Poor Countries (HIPC) and Performance-based Allocation System (PBAS) progress reports.
Furthermore, meeting members unanimously approved the reappointment of the current President, His Excellency Gilbert Houngbo, for a second term, and elected members and alternate members of the Executive Board. Also, two interactive sessions were held with the governors, the first was titled ‘Filling the Investment Gap in the Rural Development: A prerequisite for Global Resilience post the COVID-19 Pandemic’; and the second was titled ’Addressing global shocks: How public-private partnerships can improve agricultural value chains and build a more resilient rural world’.
The UAE has contributed $60.8 million to the Eleventh Replenishment of IFAD's Resources, as part of its endeavours to support the fund’s objectives of international cooperation; strengthening development work for the poor regions of the world; combating poverty; and empowering women. This reiterates the country’s commitment to its pioneering role to increase investments in rural areas, which has become a prerequisite, especially in light of what our world is witnessing today due to the COVID-19 pandemic and the climate change crisis.
UAE Ministry of Finance
The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.