Meeting discusses IFC’s activities in the UAE, latest developments

Dubai: Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, met on Monday with Hela Cheikhrouhou, International Finance Corporation (IFC)’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan.

The meeting, which took place at the Ministry of Finance’s (MoF) headquarters in Dubai, sought to discuss IFC’s work plan and review the latest developments related to IFC’s activities in the UAE and the region.

Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations, and Moza Saeed Almatrooshi, Head of International Organisations Department at MoF attended the meeting alongside Sufyan Abed Alhameed Al Issa, IFC’s Mena Regional Head of Operations.

During the meeting, Mohamed Bin Hadi Al Hussiani stressed on the importance of the IFC’s role in advancing economic development and improving the lives of people, especially in light of the exceptional circumstances the world is witnessing.

He said: “The Ministry of Finance is keen to bolster coordination with the IFC to stimulate the growth of the private sector and create job opportunities in developing countries.”

Both parties discussed strengthening bilateral relations and reviewed the latest developments related to the IFC’s strategy in the Mena region and IFC’s programmes in the UAE and the GCC. They also deliberated the support provided by the IFC to private companies in the UAE to boost their investments abroad.

IFC, a member of the World Bank Group, advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. The UAE joined the IFC on 30th September 1977.

Earlier Younis Haji Al Khoori, Undersecretary of Ministry of Finance (MoF), met with International Monetary Fund (IMF) Article IV consultations’ Mission. The meeting took place virtually as part of the IMF’s annual consultations to discuss the UAE’s economic and financial performance.

Younis Haji Al Khoori, the Undersecretary of MoF and the relevant departments of the ministry attended the meeting, along with Dr Mahmoud Mohieldin, Executive Director of the Arab Group at the IMF and Ali Al-Eyd, Article IV Consultations’ Mission Chief, and a number of the IMF employees.

Younis Haji Al Khoori stressed on the importance of the consultations that the Ministry of Finance is conducting with the IMF, to review the opinions of experts regarding the country’s economy.

He said: “The Ministry of Finance is keen to continue working with all strategic partners, foremost of which is the IMF, to advance the financial and monetary policies in the country, in line with the best international practices and standards.”

The meeting sought to review the main aims and focus of the Article IV Consultations’ Mission.

Both parties deliberated the UAE’s fiscal responses to COVID-19, progress on UAE-wide fiscal framework, government financial resources, the UAE’s Federal Budget, and fiscal outturns and performance in 2021-2022.

That, in addition to the UAE’s macroeconomic policies, fiscal policy coordination, and public debt as of end of 2021 and issuance plans, as well as other topics of common interest.