The upcoming Third Forum of Public Finance in the Arab States in Dubai will discuss the challenges faced by policymakers in terms of strategies to increase revenues and enhance the efficiency of spending in light of current developments.

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, highlighted the importance of the Forum of Public Finance in the Arab States as an important platform for the exchange of expertise and experience in the development of mechanisms to encourage the growth of SMEs and the wider private sector.

He said: “The global and regional macro-economy is going through significant developments at a number of different levels. We’re witnessing the birth of the era of digital currency which will result in new challenges for Arab economies in the future as they adopt new monetary and financial reform. Policy makers will also be looking for ways to enhance spending efficiency to achieve economic growth and support sustainable social and economic development.”

Sheikh Hamdan welcomed Christine Lagarde, managing director of IMF and the participating ministers, with the hopes that the forum will result in recommendations in line with the aspirations of Arab society.

The Ministry of Finance (MoF), is participating in the third Forum of Public Finance in the Arabic States on February 10 - which is organised by the Arab Monetary Fund (AMF) in collaboration with the International Monetary Fund (IMF).

The Forum will be held in the presence and participation of Obaid Humaid Al Tayer, Minister of State for Financial Affairs; Christine Lagarde, IMF managing director; Dr Abdulrahman A Al Hamidi, director general chairman of the Board of the AMF; Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank; Arab ministers of finance; governors of central banks and Arab financial institutions and senior officials from regional and international financial organisations. The Ministry is also organising a number of events on the sidelines of Christine Lagarde’s visit to the UAE.

Efforts of the governments of Arab countries to develop their policies and implement reforms aimed at enhancing the sustainability of public revenues, and economic stability and support for overall growth opportunities, will also be discussed at the forum titled ‘Reforms in Public Finance in the Arab States: Opportunities and Challenges’.

Efforts of the governments of Arab countries to develop their policies and implement reforms aimed at enhancing the sustainability of public revenues, and economic stability and support for overall growth opportunities, will also be discussed.

The Forum will address a number of topics that is of interest to the countries of the region, particularly macro-economic developments and their impact on Arab countries, raising public expenditure efficiency, and recent trends and future challenges. The Forum will also discuss the processes of sustaining government support reforms and digital revolutions in the public finance, and will be concluded with a Ministerial round table.

MoF will also organise a series of meetings on the sidelines of the Forum, where Christine Lagarde, will be leading a discussion for the youth in the presence and participation of Shamma bint Suhail bin Faris Al Mazrui, UAE Minister of State for Youth Affairs. The discussion will address the role of the youth and their important part in leading the future and in developing projects. In addition, the session will discuss issues of financial inclusion and the impact it plays on job creation for future generations.

MoF will also host a lunch for women in leadership positions and businesswomen alike in the UAE.

The managing director of IMF will also address the latest developments on the international arena, the country’s current economic status and its contribution to the advancement of women, as well as the strategies needed to achieve gender balance.

MoF will also hold a round table session on sustainability with Christine Lagarde, to highlight the importance of sustainability in the UAE and the keenness of the wise leadership to build a more sustainable future. This includes the inclusion of several indicators within the UAE 2021 strategic plans and the UAE Centennial 2071 plans to ensure sustainable development and increase the efficiency of traditional and new resources.  – TradeArabia News Service