The development of economic diversification policies in oil-exporting Arab countries, investment and growth in Arab countries, and enhancing flexibility of labour markets for job creation in the Arab region will top the agenda at the upcoming Undersecretaries of Arab Ministries of Finance on January 13-14 in Abu Dhabi.
The meeting, which will be organised by the Ministry of Finance in cooperation with Arab Monetary Fund, is aimed at discussing a number of key issues on financial policy coordination between Arab countries.
It will aim to shed light on economic, regional and international challenges and future steps to support economic growth in Arab countries and strengthen investment opportunities. The undersecretaries’ recommendations will be discussed by the Arab ministers of finance in their next meeting in Bahrain in April 2016. Participants in the meeting include representatives of Arab countries, the International Monetary Fund (IMF), the World Bank Group and experts from financial economic sectors. In a press release, Younis Haji Al Khoori, Undersecretary of the MoF, said, “The UAE, represented by the Ministry of Finance, seeks to strengthen cooperation and bonds with Arab ministries of finance through forums and meetings to discuss financial and economic coordination. This supports overall development and growth. This is important to align visions to enhance and develop Arab financial systems in a manner that addresses citizens’ aspirations.” He added the ministry is greatly interested in strengthening the UAE’s stature and its financial relations with Arab countries. “This is in line with the UAE’s commitment to support social and economic development in Arab countries through exchanging experiences and attracting more investments.” On the first-day of the meeting, the participants will discuss a number of work papers and memos from the IMF and the World Bank Group. Participants will also discuss a memorandum on policies and case studies on enhancing the role of the “informal sector” in the economies of involved countries, the MoF said. On the second day, participants will discuss policies and tax reforms in Arab countries, the organisation of the forthcoming Arab Fiscal Forum. Other items include the UAE’s initiative to support the development in Arab countries and preparations for the forthcoming meeting of the Council of the Arab Ministers of Finance, which will be held in Bahrain in April 2016.
