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.
