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25 April 2024

World Government Summit UAE holds Seventh Annual Arab Fiscal Forum

Published
By WAM

The Ministry of Finance (MoF), and the Arab Monetary Fund (AMF), in cooperation with the International Monetary Fund (IMF), will organise the Seventh Annual Arab Fiscal Forum under the theme: “Fiscal Sustainability in the Arab World beyond the COVID-19 Pandemic: Challenges and Opportunities” on 12th February at Jumeirah Mina A'Salam Hotel, Dubai. They will also organise three dialogue sessions to discuss the key global financial trends, on the sidelines of the 2023 edition of the World Government Summit (WGS2023), which is being held under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, from 13th to 15th February.
Commenting on the MoF’s participation as a strategic partner in the WGS2023, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised the significance of the summit as an important global forum for foreseeing and building the future for tomorrow’s generations. Government leaders, ministers, and finance experts from around the world and representatives of financial bodies will come together to exchange visions, expertise, and successful government experiences in facing the various challenges the world is witnessing.
Al Hussaini said: “Through our participation in the WGS, we are keen to strengthen means of communication, consolidate partnerships, and open fruitful discussions with various international partners on future opportunities and challenges in government financial work. This is with the aim of harnessing all efforts to contribute to advancing the comprehensive and sustainable development process, in order to meet the needs of current and future generations, sustain natural resources, and promote human well-being.”
Dr. Abdulrahman Al Hamidy, Director General, Chairman of the Board of the AMF, stressed the importance of the forum in exchanging experiences and expertise between Arab countries to discuss fiscal policy challenges in light of the current economic and financial developments. He lauded the efforts made by Arab authorities to achieve economic recovery and financial stability and promote comprehensive and sustainable growth. Additionally, His Excellency emphasised the critical role that economic and financial policies have in preserving social and economic stability, as well as the significance of this year's forum topics in keeping up with the current demands. He also commended the UAE authorities for supporting the work of the AMF.
Ministers of Finance and Governors of Central Banks in Arab countries will attend the seventh Annual Arab Fiscal Forum, along with Ms. Kristalina Georgieva, Managing Director of the IMF.
The Arab Fiscal Forum will include four sessions; the first, titled “Macroeconomic Developments and Prospects”, examines recent global and regional economic developments and the outlook, with a focus on key fiscal policy challenges and priorities. The second session, titled “Managing Climate Risks and Opportunities: Fiscal Policy and Climate Change”, focuses on fiscal policy measures to address both the challenges and opportunities associated with climate change and to ensure a transition to a green economy.
The “Managing Fiscal Risks” session explores the scope for enhanced fiscal risk management and its challenges for Arab countries. The fourth and last session, titled “Financing Fiscal Needs: Enhancing Domestic Revenue Mobilization”, highlights the importance of addressing the prevalence of large informal and hard-to-tax sectors or actors, to broaden the tax base and strengthen compliance.
On the first day of WGS2023, MoF, in cooperation with the IMF and the participation of the AMF, will hold a high-level closed session. On the second day, a dialogue session with Ms. Kristalina Georgieva, Managing Director of the IMF, will be held in collaboration with a number of institutions, including the UAE Gender Balance Council and the Federal Youth Authority. A plenary discussion titled "The Role of Tax Policies in Achieving Sustainable Development" will also be held on the second day by the MoF and AMF. The participation of the Ministry will also see the signing of collaboration and cooperation agreements, as well as a number of meetings with regional and international financial leaders.
More than 30 international organisations, 4,000 senior government officials, experts and private sector leaders will participate in the WGS to explore the future of governments across more than 110 interactive sessions and panels, in addition to 15 global forums that discuss the most prominent future trends in vital sectors.