Opinion | Editorials
Transparency key to dealing with meltdown
Government's facilitations of financial guarantees to banks have brought stability.
- Gulf News
- Published: 23:15 November 19, 2008
It is no secret that the global meltdown will have an impact on the UAE economy since the country's economy is also linked to the international financial system. Hence, how the crisis is dealt with will prove critical in the coming months.
The UAE Government, from the start, has taken the right steps in dealing with the current crisis by admitting that global economies are intertwined and that the country does not operate in isolation. The state of international financial markets has a ripple effect across developed and developing economies.
And it is within this context that the government made it clear that the role it would play would prove essential for bringing about confidence and assurance in the local economy. The government's facilitations of financial guarantees to banks and financial institutions have brought about a level of stability in the market.
This week, Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, has issued a reassurance of the government's readiness to deal with any situation related to the current economic crisis. He also stated that the Ministry of Economy had formulated its three-year strategy (2008-10), taking into consideration the opportunities, difficulties and obstacles that the local economy would be facing. "Next year will be a testing year for the UAE and the rest of the world. We are coordinating with the government departments and local government to arrive at an action plan to meet the situation", said Al Mansouri.
All means of communication on matters relating to the current crisis and its effects, locally, are welcome as the repercussions will not be limited to businesses alone, but will extend to the ordinary people as well. Such an approach raises expectation for more openness and transparency, ensuring steps that are taken and communicated on time.
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