Media ININ Economy We Trust
The Director General of the International Monetary Fund, Kristalina Georgieva, confirmed that the UAE is an excellent example of how to turn a crisis into an opportunity. The World Government Summit is a major contribution to shaping the features of tomorrow’s world.
This came during the opening of the seventh session of the Public Finance Forum for Arab Countries, organized by the UAE Ministry of Finance in partnership with the Arab Monetary Fund, on Sunday, the preparatory day for the World Government Summit 2023.
A dialogue session entitled “Macroeconomic Developments and Prospects” was held during the activities of the Public Finance Forum of the Arab Countries, during which the participating experts discussed economic developments worldwide and ways to address the current pressing challenges.
At the opening of the forum, the Minister of State for Financial Affairs, Muhammad bin Hadi Al-Husseini, said: The Public Finance Forum for the Arab Countries is a platform for exchanging experiences and presenting ideas on the necessary steps to promote sustainable economic growth, develop investment opportunities and create job opportunities.
Al-Husseini indicated that organizing the forum comes under critical circumstances this year, as global economic challenges escalate and inflation levels remain high.
Monetary Fund
For her part, the Director General of the IMF, Kristalina Georgieva, said: “I would like to express my gratitude for being an excellent example of how to turn a crisis into an opportunity. Tomorrow, we will start the World Government Summit in its tenth edition, which is a major contribution to shaping the features of the world of tomorrow.”
She said that public debt in many economies of the Middle East and North Africa is a source of concern, noting that countries in the Middle East and North Africa can achieve resilience through a solid fiscal framework, address climate challenges, and increase tax revenues.
The Director-General of the International Monetary Fund said: “There are three principles for employing fiscal policies to build resilience: developing a strong framework for managing public fiscal policy and dealing with risks; long-term planning and investment to meet climate challenges; Enhance tax revenue.
She explained, “According to our expectations, inflation will gradually decline with the stability of commodity prices and the desired effect of tightening monetary policy and fiscal policy.”
And she stressed that: “Governments must manage the many risks that threaten their public finances, including those arising from public guarantees and losses of state-owned companies, which may lead to destabilization of debt and sharp cuts in necessary expenditures.”
