UAE takes part in GCC, IMF meetings in Doha

Abu Dhabi: Obaid Humaid Al Tayer, Minister of State for Financial Affairs, is heading the UAE delegation to the meeting of the financial and economic cooperation committee of the Cooperation Council for the Arab States of the Gulf (GCC) and the joint meeting of finance ministers with the Board of Governors and the Managing Director of the International Monetary Fund (IMF), to be held on November 8 in Doha, Qatar.

The UAE delegation includes Mubarak Rashid Khamis Al Mansouri, UAE Central Bank Governor; Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF); Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations at MoF, along with a number of experts from MoF, Ministry of Foreign Affairs, Ministry of Economy, Federal Customs Authority and UAE Central Bank.

The GCC Financial and Economic Cooperation Committee meeting with GCC finance ministers will discuss issues relating to GCC monetary institutions, the GCC Customs Union Authority, and the UAE’s Recommendations to develop the work of the GCC Financial and Economic Cooperation Committee.

The joint meeting of GCC finance ministers with the board of governors and Christine Lagarde, Managing Director of IMF will discuss the following elements: reform of GCC energy prices while taking advantage of international experiences in this regard, oil prices and financial stability, use of macro prudential policy in the GCC countries, economic prospects and policy challenges as well as tax policy reforms.

Commenting on the UAE’s participation, Obaid Humaid Al Tayer said, “UAE considers these regular GCC Financial and Economic Cooperation Committee meetings an important platform to discuss the opportunities and advantages of GCC joint economic work in order to strengthen the financial and economic integration as well as address the obstacles facing it. MoF also follows up on the phases of the economic integration process and implementation of the unified economic agreements between GCC countries, and represents the UAE in the GCC Financial and Economic Cooperation Committee as well as identifying the different vies and ideas to support GCC economic integration.”