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Abu Dhabi: H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), participated today in the consultative meeting of Deputies of Arab Finance Ministries meeting, which was organised by the Arab Monetary Fund (AMF) and took place virtually. The meeting aimed to address the economic and financial repercussions of the coronavirus pandemic on Arab countries, its challenges to fiscal policy and the role of Arab governments in taking preventive measures to cope with the challenge.
During the meeting, H.E. Younis Haji Al Khoori commended the efforts of financial organisations and institutions, especially the AMF, to alleviate the repercussions of the pandemic. H.E. reiterated the UAE’s keenness to cooperate with all AMF members to take the necessary financial steps to provide support to overcome this crisis and to ensure financial stability and sustainability of economic development in Arab countries.
H.E. said: “During the meeting, we stressed the need to continue discussions on SME financing, enhancing infrastructural resilience, reviving foreign direct investment flows, and stimulating the multilateral trade financing agenda. This was to prepare once the crisis is over. Governments must continue to take advantage of, and coordinate all available policy options, including direct and targeted financing initiatives, and strive to cooperate with other governments and international organisations to create a globally coordinated responses.”
H.E. also pointed out the importance of establishing a global initiative to prepare for, and respond to the pandemic, and work closely with international organisations to provide international financial assistance quickly, in order to expand funding to further strengthen health care and emergency response systems, as well as to provide the necessary funding for urgent medical research. This is in addition to keeping global supply chains open to basic medical supplies.
Deliberated at the meeting were several topics, including the economic and financial repercussions of the COVID-19 pandemic on Arab countries, the risks and economic challenges to the public, procedures and reforms to alleviate the situation in Arab countries, as well as government support to the most affected sectors.
Also discussed were tax procedures and tax reform in order to face the repercussions of the crisis, the effects of the pandemic on current and future public debt policies of Arab countries. Also addressed at the meeting was the importance of digitization of public finances and the steps necessary to achieve this.
The consultative meeting was attended by representatives of the Arab ministries of finance, along with H.E. Dr. Abdulrahman Al Hamidy, Director of the Arab Monetary Fund, and several specialists in Arab financial affairs.
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