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The Ministry of Finance (MoF) recently held the Government Financial Policy Coordination Council’s first meeting of the year. His Excellency Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Council, chaired the meeting, which was held at Expo 2020 Dubai, alongside His Excellency Saeed Rashid Al Yateem, the Assistant Undersecretary of Resources and Budget Sector and the Vice-President of the Council.Council members from several UAE government entities attended the meeting. In attendance were: His Excellency Ibrahim Obaid Al Zaabi, Assistant Governor of the Monetary Policy and Stability Department at the Central Bank of the UAE; His Excellency Mohamed Khaleefa Alnuaimi, Director General of Executive and Financial Affairs at DoF – Abu Dhabi; His Excellency Arif Abdulrahman Ahli, Executive Director, Planning and General Budget Sector at DoF – Dubai; His Excellency Waleed Ibrahim Al Sayegh, Director General of the Sharjah Finance Department; His Excellency Marwan Al Ali, Director General of Ajman’s Department of Finance; His Excellency Yousef Muhammad Al Balushi, Deputy Director General of Ras Al Khaimah Finance Department; His Excellency Khalifa Saeed Ghanim, Director General of DoF – Umm Al Quwain; and Ms. Mariam Abdullah Al Matroushi, Deputy Director of DoF – Fujairah.The Council members reviewed the minutes of the previous meeting to follow-up on what has been accomplished and what is under implementation. MoF made a presentation on the financial statements for the quarters of 2021 in the UAE, and discussed the updates on the International Monetary Fund (IMF)’s Article IV Consultations. The Central Bank of the UAE also delivered a presentation on the latest monetary and banking developments in the country. The Department of Finance in Dubai Government deliberated “Tasharok” initiative and highlighted its important role in implementing Framework Agreements for Unified Purchase in government entities. After the meeting, the Council members visited the pavilion of the Federal Republic of Germany, which is one of the largest at Expo. They were briefed on German innovations and sustainable solutions that serve to promote sustainability, environmental protection and technology. Some of the highlights include solar cells for energy generation and sustainable food production technologies, as well as ideas related to giant cities of the future.The Government Financial Policy Coordination Council was formed by the UAE Cabinet’s decision No. (39) of 2008, and its members consist of the Undersecretary of the Ministry of Finance, representatives from local departments of finance and a representative from the Central Bank of the UAE. The Council coordinates and integrates financial and monetary government policies to enhance the UAE’s competitiveness, and devises proactive solutions and initiatives for financial and monetary policies, in order to ensure the integrity of the financial system and enhance expenditure efficiency and achieve economic development.
