Abu dhabi: The UAE chaired the Eleventh Meeting of The Deputies of Arab Finance Ministries, organised by the Arab Monetary Fund (IMF), which was held in Abu Dhabi on January 21 and 22. The meeting brought together deputies of Arab ministries of finance, representatives of regional and international financial institutions, and was attended by Fahad M. Alturki, Director-General and Chairman of the Board of the Arab Monetary Fund.
According to Emirates News Agency, the UAE delegation included Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, Ali Abdullah Sharafi, Assistant Under-Secretary for International Financial Relations, along with a number of ministry specialists. During the meeting, Ali Abdullah Sharafi stated that the UAE is committed to supporting joint Arab action and strengthening channels of dialogue and coordination among Arab ministries of finance. He emphasized the importance of cooperation in facilitating the exchange of expertise and in developing fiscal policies capable of responding to global economic challenges.
Sharafi highlighted that the topics discussed at the meeting, including fiscal policy reforms, artificial intelligence, and sustainable finance, are of strategic priority at the current stage. 'The rapid transformations in the global economy require innovative tools for public financial management, greater spending efficiency, and a clear focus on fiscal sustainability,' he said. He reaffirmed the UAE's commitment to supporting regional efforts aimed at enhancing financial stability and achieving sustainable growth.
The first day of the meeting featured an opening session with a welcome address by Fahad M. Alturki and a keynote from Younis Haji AlKhouri. The first working session focused on 'Revamping Fiscal Policy in the Face of Shocks and Uncertainties: Lessons Learnt in the Arab Region,' with a presentation by the International Monetary Fund and interventions from several Arab nations.
The second session explored 'Unlocking AI Opportunities in Fiscal Policy and Public Finance,' including a presentation by the Arab Monetary Fund and discussions on leveraging modern technologies to enhance fiscal policy efficiency. The day concluded with a session on 'Sustainable financing for sustainable infrastructure,' featuring a presentation by the World Bank and discussions on sustainable financing mechanisms.
During the third session, Ali Abdullah Sharafi stressed the importance of sustainable finance for long-term development and economic resilience. He highlighted the UAE's models of public-private partnerships and its leading role in developing sustainable finance frameworks. The second day's agenda included sessions on countercyclical fiscal policies, developments in BEPS actions, and fiscal consolidation, with contributions from the OECD and insights from several Arab countries.
During the fifth session, Sharafi emphasized the UAE's commitment to international tax cooperation and transparency, aligning with OECD and G20 standards. He outlined the key legislative and regulatory steps taken by the UAE to implement the four minimum international tax standards, enhancing the integrity and efficiency of the tax system.
The Eleventh Meeting of the Deputies of Arab Finance Ministries serves as a consultative and preparatory meeting ahead of the 17th Meeting of the Council of Arab Finance Ministers, scheduled to be held in Abu Dhabi in May.