UAE delegation participates in the spring meeting of IMF and the World Bank Group


HE Al Tayer also met with Zeine Zeidane, Head of the IMF mission for Article IV discussion, where they talked about Ministry of Cabinet Affairs and Future’s invitation to Christine Lagarde to the upcoming World Government Summit, which will be held in February 2017, and about organising the Arab Fiscal Forum at its sidelines. HE Al Tayer and Zeidane also discussed the topics that the mission will be highlighting during its visits to the UAE in April and May 2016. The two also spoke about the latest trends in the global economic scene.

The IMFC meeting
HE Al Tayer headed the Arab Group at the IMFC meeting. During his speech, he spoke about global economic trends, financial and monetary policies, and how to achieve financial stability worldwide. He called on countries to confront global inflation challenges, and to support the economies of developing nations, given that goods and assets are decreasing in value. This can be achieved through the IMF and governments monitoring efforts to develop and implement financial policies aimed at raising trust in local and global economies.

HE Al Tayer: “Advanced nations are prioritising efforts to lessen the negative effects of deflation and to create new avenues for growth. All countries should be developing policies that address their own systems and that help in growing short-term reserves. Clear standards needs to be placed to measure initiatives that encourage innovation, enhance policies related to the workplace, and grow national GDP.”

He added: “The Middle East is facing significant challenges. As a response to that, GCC countries have adopted a number of initiatives aimed at enhancing its financial standing through restructuring oil subsidy policies and through adjusting spending. Gulf countries have begun processes to remove oil subsidies and enhance tax base to grow financial reserves and to meet spending requirements.”

Book Launch: Economic Diversification in the GCC
HE Khalid Ali Al Bustani, along with specialist and international economist, participated in a book launch session, following an invitation by the IMF. The book discusses economic diversification in the GCC. During the session, HE Al Bustani elaborated on the UAE’s vision to become a leading nation globally in the of innovation, economic diversification, ease of doing business and providing an attractive investment environment through offering high-end infrastructure and advanced technology in the UAE.

The UAE prioritises discussions and cooperation with regional and international financial organisations regarding financial development and societal trends in the region and its effect on the global economy. The IMF and WBG spring meeting offers a global platform for both official and non-official talks, which promotes constructive conversations between different players on topics pertaining to the global economy, global developments and the international financial and monetary systems.


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