The United Arab Emirates will be heading the third session of the Arab Ministers of Finance’s meeting today in Marrakech - Morocco, where it will hand over the presidency to Bahrain according to the adopted regulations.

The meeting will include discussions of several issues, including ways to strengthen mutual coordination on fiscal policies between the Arab countries, facing international economic & financial developments, unifying positions in international events and meetings in addition to developing inter-Arab investments. According to the UAE’s Initiative, the meeting will emphasize the importance of following up on implementing recommendations and actions provided in the submitted paper work by the Arab and regional funds and financial institutions.

While serving as the head of the second session of the Council of Arab Ministers of Finance; the UAE hosted an Exceptional Meeting for the Council of Arab Ministers of Finance in September 2011 in Abu Dhabi, where it provided the "UAE Initiative" that supports economic stability in the Arab region. Furthermore, the UAE Initiative called for greater economic and financial reforms under a work program supervised by the Council of Arab Ministers of Finance and with the participation of Arab, regional and international financial institutions.

Commenting on the meeting, HE Obaid Humaid Al Tayer, Minister of State for Finance, pointed out that the Council of Arab Ministers of Finance had recommended activating the UAE Initiative through the establishment of regional and Arab financial institutions by preparing papers that involve its five axes. These papers should summarize the needs and requirements of each axis to facilitate discussions at the Council meeting in Marrakech. Thus, these preparations will help in approving a working program for each axis and an appropriate mechanism for follow-up and implementation.

HE Al Tayer added: "Based on the Council of Arab Ministers of Finance’s recommendations; each of the Arab Monetary Fund, the Arab Investment & Export Credit Guarantee Corporation and the Arab Authority for Agricultural Investment and Development submitted five papers to be presented during the meeting. These papers will focus on including detailed analysis on the current status of the five axes, which are included in the UAE Initiative."

HE Al Tayer added that the Ministry of Finance (MoF) has prepared a paper that aims to promote its initiatives and to follow up previous recommendations and proposals. The paper work contains many valuable recommendations and projects that ensure achieving the objectives set for each axis. In addition, in coordination with the institutions and Arab bodies and according to the council’s priorities, the paper will also focus on supporting the Council of Arab Ministers in approving the formation of an Arab technical team to study proposals and to develop strategies & action plans.

During the Exceptional Meeting in Abu Dhabi, the Council of Arab Ministers of Finance praised the UAE Initiative’s ideas and proposals. It highlighted the five main axes that included supporting the stability and development of Arab financial systems, financing trade, improving the working environment and creating new job opportunities. Besides, it involved stabilizing the prices of food products and highlighted Arab food Security issues in addition to facilitating trade through the establishment of the Arab electronic clearing system.

 

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