The Government Financial Policy Coordination Council holds its first meeting for 2019

28-03-2019 Media in\ Dubai
The Ministry of Finance held its first meeting in Dubai in 2019 under the chairmanship of Younis Haji Al-Khouri, Undersecretary of the Ministry of Finance and Chairman of the Board and Saeed Rashid Al-Yateem, Assistant Undersecretary of the Resources and Budget Sector.
The meeting was attended by members of the Board of Governors of the UAE, representatives of the financial departments Safwan Obaid Hassan Bin Safwan, Executive Director of the Government Accounts Sector, Abu Dhabi Finance Department, Arif Abdulrahman Ahli, Executive Director, Budget and Financial Planning Department, Dubai Department of Finance, Walid Ibrahim Al Sayegh, Sharjah, Marwan Al Ali, General Manager of Ajman Department of Finance, Yousuf Al Baloushi, Director General of the Department of Finance in Ras Al Khaimah, Acting General Manager of the Financial Department of Umm Al Quwain, and Yousif Abdullah Al Awadi, Emirate of Fujairah and a representative of the Central Bank of the UAE.
Members of the Board discussed the preparation and compilation of the financial statements, including the presentation of the financial statements for the fourth quarter of 2018, as well as the GFSM 2018 data and the draft balance sheet at the state level.
The meeting reviewed the latest developments of the annual meetings of the Government of the UAE in its second session on the axis of expenditure efficiency and discussed the initiative of coordination between fiscal and monetary policy.
Younis Haji Al-Khouri stressed the importance of these meetings to coordinate the government’s fiscal and monetary policies and unify them to enhance the competitiveness of the UAE.
“The Council is keen to coordinate work between all financial departments and work together to study developments and variables and develop proactive solutions and initiatives for financial and monetary policies to ensure the integrity of the financial system and enhance the efficiency of expenditure and achieve sustainable economic development.
The meeting also discussed the results of the Article IV Consultation Report, the selected topics, the forthcoming visit of the IMF mission, the latest developments on the exchange of tax information and the importance of the State’s commitment to the standard for disclosure of financial reports and information to multinational corporations.
The main monetary and banking developments were reviewed to set the expectations on the fiscal policy and provide them to the Central Bank periodically to enable it to set medium term liquidity expectations and to estimate the funding needs of the banking sector. This will ensure mechanisms to provide the private sector funding and intervention to manage liquidity as needed. Taking into account developments that may affect the liquidity situation and the expectations of the government’s fiscal deficit and the required funding of the government apparatus, taking into account the economic fluctuations that may affect the availability of government resources.