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The Ministry of Finance participated in the Public Finance Forum for the Arab Countries with the Arab Monetary Fund and the International Monetary Fund, which was held through visual communication techniques, with the aim of exchanging experiences and discussing the challenges faced by decision makers and policymakers in the Arab country. Region in the context of regional and international economic and financial developments.
As well as discussing ways to improve the measures needed to recover from corona infection “Govt 19” and return to normal life.
The activities of the forum began with an inaugural session, which was inaugurated by the Minister of State for Finance, His Excellency Mohammed bin Hadi Al-Husseini, during which he welcomed the delegates to the forum. Highlights of the opening session.
During his address, Mohammed al-Husseini highlighted the aftermath of “Govt 19” and the launch of Expo 2020 amid global interest in light of the active efforts of the wise leadership of the United Arab Emirates. , The United Arab Emirates, as it enters the next fifty years, will go with new approaches based on clear national priorities and policies of the fifties, backed by a flexible federal budget that will keep pace with change and progress.
Distinctive model
He said: “The United Arab Emirates has set a unique example in dealing with the“ Govt 19 ”epidemic, as the total value of economic support packages and initiatives provided by federal and local governments since the outbreak has exceeded 330 billion dirhams ($ 90 billion). )
The United Arab Emirates’ broad access to the vaccine (the country has reached 89% of the full vaccination rate) has helped prevent the spread of the disease along with drastic community outreach activities and has allowed us to begin recovery efforts in early 2020 and invest in preparation for the future.
Overall, we were able to control the 6.1% economic contraction in 2020, with an immediate return to GDP growth of 2.1% in 2021 and 4.2% in 2022.
Recovery period
He added: The current year 2021 is expected to be the beginning of a long-awaited recovery and adaptation period, particularly the trend towards taking available vaccines. Achieving a fair and equitable distribution of vaccines worldwide is essential, and the UAE continues to implement global response efforts through the Hope Alliance launched in 2020 to provide one of the world’s best vaccine distribution chains, having handled more than 100 million vaccines so far in 40 countries.
He concluded his speech by presenting two important issues to the International Monetary Fund and the Arab Monetary Fund to discuss the best proposed policies to address the concerns of rising inflation in the Middle East region, which could lead to rising food prices and disruptions. The epidemic in the global supply chain takes into account difficult financial conditions, including rising levels of national debt towards historic highs and the potentially worse economic and social consequences of higher unemployment rates.
The policy proposals proposed by the two funds to governments to protect the wealth of the middle class who may have been affected by the “Govt 19” epidemic and its unequal impact have exacerbated income inequality in communities. Region.
Recovery support
The Public Finance Forum of the Arab States is an important forum for Finance Ministers in the Arab world to discuss governance and transparency and the role of modern technologies in public finance, as well as ways and means to support the recovery phase. Investments in this regard and public-private partnerships.
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