UAE Ministry of Finance holds Government Financial Policy Coordination Council’s third meeting for 2020

The meeting was also attended by council members from several UAE government entities


DUBAI- The Ministry of Finance, MoF, recently held the Government Financial Policy Coordination Council's third meeting of the year, where discussions were held to boost the UAE’s standing on the global competitiveness map.

Younis Haji Al Khoori, Under-Secretary of the MoF, and Chairman of the Council, chaired the meeting, which was held virtually, alongside Saeed Rashid Al Yateem, the Assistant Under-Secretary of Resources and Budget Sector and the Vice-President of the Council.

The meeting was also attended by council members from several UAE government entities, and representatives of UAE departments of finance.

Al Khoori underscored the importance of the meeting in analysing financial statements and deliberating issues in financial and monetary policies, considering the unprecedented circumstances the world is experiencing due to the COVID-19 pandemic.

He said, "The Government Financial Policy Coordination Council is keen to boost cooperation with all departments of finance in the UAE government, in order to devise proactive solutions and initiatives that support comprehensive economic development and elevate the UAE's position on the global competitiveness map." The Council discussed the decisions from the last meeting and their recommendations, and reviewed the annual financial statements of the UAE for 2019 as well as the financial statements for Q1 and Q2 of 2020. Also deliberated were the joint fee initiative and the preparation plan towards the next 50.

Additionally, Saif Hadef Al-Shamsi, Deputy Governor at the UAE Central Bank, made a presentation on the latest developments related to the comprehensive economic support scheme that was launched in March 2020.

The Government Financial Policy Coordination Council was formed by the UAE Cabinet's decision No. (39) of 2008. Its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments and a representative of the UAE Central Bank. The Council holds three meetings annually, and it is reconstituted every three years.

© Copyright Emirates News Agency (WAM) 2020.

More From GCC