Dubai: Government Financial Council Discusses Latest Economic DevelopmentsSource: www.export-egypt.com 3/7/2018, Location: Middle East |
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The Ministry of Finance, MoF, has held the first meeting of the Government Financial Policy Coordination Council for 2018 at its premises in Dubai.
Younis Haji Al Khoori, MoF Under-Secretary and Chairman of the Council, in the presence of Saeed Rashid Al Yateem, Assistant Under-Secretary of Resources and Budget Sector at MoF and Vice Chairman of the council, headed the meeting. The meeting was held in the presence of council members from various UAE governments representing finance departments in the UAE and representatives from the UAE Central Bank. Al Khoori emphasised the pivotal role that the Council plays in coordinating and developing financial policies that improve the financial systems and enhance the UAE’s competitiveness levels. "The Council continues its efforts to study and develop financial policies. It is committed to keeping up to date on the latest economic and financial developments and changes and identifying their impact, to develop solutions and strategic plans that will achieve integrity of the financial system and enhance sustainable economic development," he added. During the meeting, the Council reviewed the Cabinet Decision issued by the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on amending the Cabinet Resolution on the Government Financial Policy Coordination Council. According to the amendments made, the Council shall submit an annual report on its work and achievements to the Minister of Finance. The submission shall also include the suggestions and recommendations necessary for the fulfilment of its functions, in accordance with the procedures set out in the manual of the committee’s working systems in the Federal Government as approved by the UAE Cabinet. The Council also discussed the World Bank Group’s presentation on the Financial Coordination Project for the Health and Education Sector, and reviewed the UAE’s financial statements and its comparisons with some countries in the world, in order to develop financial policies, and achieve the best returns possible. It also covered the agenda item on the financial risk management project, and addressed the latest and most important financial, monetary and banking developments at local, regional and global levels. The Government Financial Policy Coordination Council was formed by Resolution No. 39 of 2008 of the Cabinet. Its members consist of the MoF Under-Secretary, representatives from local UAE governments, and a representative of the UAE Central Bank. Three periodical meetings are held annually, and the Council is reconstituted every three years. |
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