Meet discusses GCC states economic outlook and fiscal policy priorities

Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, participated in the joint meeting of GCC Ministers of Finance and Central Bank Governors with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), held in Manama, in the presence of Jasem Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC).

The meeting discussed a range of financial and economic topics, most notably the economic outlook for GCC countries and economic and fiscal policy priorities in light of global economic developments and transformations.

Participants also explored avenues to enhance growth sustainability, support economic diversification, and foster technological innovation, alongside reviewing policies designed to safeguard financial and economic stability and strengthen the GCC countries’ capacity to drive sustainable growth.

At the conclusion of the meeting, participants underscored the importance of sustained coordination and partnership between GCC countries and the IMF.

They emphasised the need to align fiscal and monetary policies to ensure macroeconomic stability, achieved through strengthening macroprudential frameworks, advancing risk management tools, and enhancing transparency in fiscal and monetary policies. In September, Khaled Mohamed Balama led the UAE delegation to the 87th meeting of the Gulf Cooperation Council (GCC) Central Bank Governors’ Committee, held today in Manama, Bahrain.

The meeting was chaired by Khalid Ebrahim Humaidan, Governor of the Central Bank of Bahrain, with the participation of Jasem Mohamed Albudaiwi, Secretary General of the GCC, to discuss developments in joint GCC cooperation in the monetary and banking sectors.

The CBUAE delegation included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability, and Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services, along with a number of senior CBUAE officials.

CBUAE, Central Bank of Syria sign MoU: Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), and Mohammad Safwat Abdel Hamid Raslan, Governor of the Central Bank of Syria, have signed a Memorandum of Understanding (MoU) to enhance bilateral relations and facilitate the exchange of expertise in various financial and supervisory areas of mutual interest. The MoU provides a framework for bilateral cooperation, institutional capacity building, and the development of technical expertise, as well as for the exchange of information on regulatory frameworks. Areas of cooperation include payment systems, monetary policy, cash management, as well as innovative financial technologies.

The MoU also covers areas related to climate risk management and sustainable finance, financial inclusion and financial literacy and awareness, as well as credit information systems, reporting and risk management frameworks. It also provides for the exchange of expertise in the areas of licensing activities and institutions, regulatory enforcement, compliance, and consumer protection.

Khaled Mohamed Balama, Governor of the CBUAE, said, “The MoU reflects our shared interest to advancing cooperation in financial and regulatory areas, as part of efforts to support the resilience of the financial system, enhance the efficiency of the financial infrastructure, and keep pace with developments in the financial technology sector. It also represents an important milestone in the exchange of expertise and knowledge and in capacity building, drawing on best practices. We hope that this cooperation will create broader opportunities for financial institutions in both countries and enhance the role of the financial sector in supporting economic growth and development.”

Mohammad Safwat Raslan, Governor of the Central Bank of Syria, said, “The signing of the Memorandum of Understanding with the Central Bank of the United Arab Emirates represents an important step towards deepening banking cooperation between the two countries and opening broader avenues for joint work in the areas of banking supervision and regulation, payment and transfer systems, and the development of banking infrastructure.

“We attach particular importance to the opportunities provided by the Memorandum to advance financial inclusion, build institutional capacity, and strengthen regulatory and supervisory frameworks, thereby supporting the development of the banking sector and enhancing its ability to keep pace with regional and international banking requirements and practices. We look forward to the Memorandum serving as a foundation for practical and sustainable avenues of cooperation between the two central banks, contributing to more efficient banking services, supporting monetary and banking stability, and opening broader prospects for banking partnerships between Syria and the United Arab Emirates.”

WAM