The Article IV mission of the International Monetary Fund (IMF) recently presented its valuation of the economic and financial performance of the UAE at a meeting with the Ministry of Finance (MoF) to review the ministry's most notable achievements and policies that boost the national economy.
The meeting between MoF Undersecretary Younis Haji Al Khoori and Zeine Zeidane, who headed the IMF mission, was attended by Khalid Ali Al Bustani, assistant undersecretary of international financial relations sector at MoF; Saeed Rashid Al Yateem, assistant undersecretary of resources and budget sector at MoF; Mariam Mohammad Al Amiri, assistant undersecretary for the management of financial resources at MoF and additional ministry staff.
“The Ministry of Finance is committed to open channels of communications with IMF experts and institutions under its umbrella,” Al Khoori said. “This is due to the importance of developing government financial work mechanisms and identifying best international practices, which in turn enhances the federal government's financial policy and support the UAE's overall economy.”
Monetary and financial policies, e-Dirham system and shift from a cash basis to accrual basis system were reviewed by the MoF. In addition, the budget cycle for 2017-2021, smart and electronic shift, registration of assets and other integrated projects overseen by the ministry were discussed during the meeting.
The IMF report noted the country’s ability to develop growth equal to twice the economic expansion of the eurozone and its dedication to improve UAE’s strategic regional position as well as an international lever. The IMF mission highlighted efforts by the UAE to back the sustainable economic expansion and its purposeful steps in creating different features of economic, financial and monetary policies for the county.
As part of the IMF’s mission, Article IV will meet with numerous financial institutes throughout the country, like the UAE Central Bank, to go over the group’s financial policies and actions the group takes to support the local economy.