العربية 10th Meeting of Arab Finance Ministries' Deputies discusses fiscal policies and digital transformation in public finance 20 January 2024 Arab deputy finance ministers met today in Abu Dhabi to discuss financial policies, digital transformation in public finance, as well as the adoption of environmental, social, and governance (ESG) standards, and the impact of financial policies on economic growth in the region. The discussions also touched on energy subsidy reforms in Arab countries, focusing on challenges and lessons learnt. Organised by the Arab Monetary Fund, the meeting was attended by H.E. Fahad M. Alturki, Ph.D. Director General and Chairman of the Board of the Arab Monetary Fund, as well as deputy finance ministers, experts from the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development (OECD). Senior Emirati officials attended, including His Excellency Younis Haji AlKhoori Undersecretary of the Ministry of Finance; Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at the Ministry of Finance; and Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Departmentat MoF. The two-day meeting concluding tomorrow (Tuesday) featured seven sessions on regional financial and economic issues. It will wrap up with a session discussing the agenda for the 16th Arab Finance Ministers Council meeting. Sustainable growth His Excellency Younis Haji AlKhoori stressed the importance of this annual meeting for Arab countries to strengthen cooperation in financial policies and address the global economic challenges we face today. "This meeting is a significant step forward in improving coordination among Arab countries, helping align our efforts to keep up with global changes in areas like digital transformation, financial governance, and sustainable energy planning," AlKhoori added. "When we cooperate effectively in these areas, we bolster the stability of our economies and pave the way for long-term, sustainable growth." He continued, "Through the discussions we had at the meeting, we exchanged expertise and best practices that would help improve our financial policies and make the management of public resources all the more efficient. We explored how digital transformation can enhance the transparency of public finance, guided by the directives of our wise leadership to strengthen digital infrastructure and develop policies aligned with environmental, social, and governance (ESG) standards—an increasingly vital priority in today’s world.” Exchange of expertise Meanwhile, H.E. Dr. Fahad M. Alturki, opened the meeting with a speech emphasising the importance of this annual gathering in strengthening Arab cooperation and facilitating the exchange of experiences among members in financial policies. H.E. Fahad M. Alturki highlighted that these meetings provide an ideal platform for addressing shared challenges faced by the Arab region amidst global economic changes. He stressed that exchanging expertise among Arab countries reinforce their ability to confront these challenges through collaborative and well-thought-out solutions. He added, “Promoting cooperation among Arab countries will not only help achieve economic integration but also drive sustainable growth across the region. Through such meetings, we can boost our collaboration to improve financial policies, advance digital transformation initiatives, and strengthen governance within financial institutions. In a world defined by rapid changes, it is more important than ever before to adapt our policies to stay ahead of these transformations and develop a stable and prosperous economic environment in our region. This aligns with the Arab Monetary Fund's new strategy, positioning it as a strategic partner, a pillar of a resilient Arab region, and a leader in fostering economic stability and sustainable growth.” Sessions The meeting featured a series of sessions addressing significant topics for the Arab region, including financial and economic policy experiences from various Arab countries. The first session, titled "Energy Support in the Arab Region—Challenges and Lessons Learnt from Successful Reforms, included a presentation from the International Monetary Fund, followed by an open discussion featuring finance ministry officials and presentations from Jordan, the UAE, and Oman. The second session, "Enhancing Energy Security and the Role of Incentives for Developing Renewable Energy Sources, featured a presentation by the Arab Monetary Fund, with contributions from Saudi Arabia, Egypt, and Morocco. The third session, "Analysing Growth Sources in the Arab Region—Assessing the Impact of Fiscal Policy," included a report from the World Bank, followed by a discussion with Tunisia, Qatar, and the Comoros. The fourth session, titled "Managing Public Debt and General Financial Risks: A Risk Control Framework," featured a presentation from the Arab Monetary Fund, with interventions from Kuwait, Morocco, and Mauritania. As for tomorrow’s sessions, The first one titled "Experiences of Arab Countries in the Role of Digital Transformation in Public Finance," will include presentations from the UAE, Saudi Arabia, and Egypt, along with an open discussion on digital challenges and opportunities in the sector. The second session, "Experiences of Arab Countries in Implementing Environmental, Social, and Governance (ESG) Standards in Public Institutions," will feature presentations from Algeria, Iraq, and Lebanon, focusing on ways to enhance governance and transparency in public institutions. Meanwhile, the third one, titled "Global Minimum Tax and Taxes on Multinational Corporations' Profits," will involve a presentation by the Organisation for Economic Co-operation and Development (OECD), followed by discussions from the UAE, Saudi Arabia, and Kuwait on the impact of global tax frameworks on Arab economies.
