(MENAFN- Mid-East)
Mohamed Al Hussaini: The world needs to join forces to establish solutions for developmental needs. The UAE chairs the Arab Group countries in the International Monetary and Financial Committee.
Abu Dhabi, UAE:The United Arab Emirates, represented by the Ministry of Finance, announced its participation in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) taking place in Marrakech, Kingdom of Morocco, from October 9 to 15, 2023.
His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, will head the UAE delegation participating in the meetings, which includes His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, Hamad Al Zaabi, Director of the Office of His Excellency Minister of State for Financial Affairs, Azza Ali Aljassmi, Director of Government Communications Department at the Ministry of Finance, Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Department at the Ministry of Finance, and several specialists from the Ministry of Finance and the Central Bank of the UAE.
As part of its participating in the annual meetings of the IMF and WBG, the UAE delegation take part in the World Bank Group Development Committee, chaired by His Excellency Mohamed bin Hadi Al Hussaini, the fourth meeting of G20 Finance Ministers and Central Bank Governors under India's presidency of the G20, the Annual General Meetings, the International Monetary and Financial Committee, the meeting of finance ministers and governors of the Arab central banks with the President of the World Bank Group, and the meeting of the Managing Director and Chairman of the Executive Board of the International Monetary Fund with countries of the Middle East, North Africa, Afghanistan, and Pakistan. The delegation will also hold a series of bilateral meetings with officials of international institutions and organisations, and the UAE will host a reception for UAE banks.
His Excellency praised Morocco's ability to quickly recover from the saddening earthquake that struck, and its commitment to continue hosting this event, which is held for the first time in nearly fifty years on the African continent. The UAE works closely with countries in Africa to enhance efforts to face various challenges, foremost among them health, climate change, and food security.
His Excellency emphasized that the world needs to join forces to establish effective and comprehensive solutions for all developmental needs sustainably that provide for the needs of future generations. The ministry is working on bringing finance ministers from across the globe together to attend the Finance Day that will be held in Dubai on December 4, on the sidelines of the 2023 United Nations Climate Change Conference (COP28).
His Excellency Mohamed Al Hussaini also chairs the Arab Group countries in the meeting of the International Monetary and Financial Committee (IMFC), which will be held on the sidelines of the annual meetings. It will address the latest developments in the international monetary and financial systems, key strategic issues, economic growth in the region and future prospects, protecting the overall economy and global financial stability, fiscal policy requirements to combat inflation and maintain debt sustainability, and consolidating sustainable growth.
Enhancement:
Delegates from 189 member countries in the IMF and WBG, including public sector officials from finance ministries and central banks, parliamentarians, representatives of the private sector, and academics, will participate in the annual meetings in Marrakech. They will discuss the latest global economic developments, challenges facing the overall economy, developments in digitalization and financial services technology, climate issues, in addition to holding seminars, sessions, and events focusing on the global economy, international development, and global financial markets. The meetings will also discuss the roadmap of the World Bank Group and the International Monetary Fund and how to develop their tasks and operations. Meetings of the World Bank Group Development Committee and the International Monetary and Financial Committee will be held to discuss what has been accomplished.
About the Ministry of Finance:
The Ministry of Finance of the United Arab Emirates was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for implementing all financial policies related to economic development in the country, foremost of which is preparing and allocating the federal budget, managing the government's financial situation, and providing services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, serves as Minister of Finance, heading the UAE's economic and financial interests. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the Ministry's strategic objectives.
The Ministry of Finance operates in accordance with a realistic yet ambitious strategic plan to perform its tasks and services in line with international best practices. The Ministry strives to achieve six key strategic goals, namely, enhancing financial planning in the Federal Government and the sustainability of public finances; raising the efficiency and effectiveness of budget execution, while managing the Federal Government's financial position and cash flows; overseeing the UAE's financial and economic interests at the international level; boosting the country's competitiveness in financial and economic fields; providing all administrative services in accordance with the highest standards of quality, efficiency, and transparency; and finally, promoting a culture of innovation in the corporate work environment.
The Ministry includes five main sectors: the government budget and revenue sector, tax legislation sector, government financial management sector, international financial relations sector, and support services sector. It also includes the Federal Debt Management Office, General Budget Committee, Government Financial Policy Coordination Council, and the Financial Restructuring Committee.
MENAFN09102023005446012082ID1107216005
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.