ABU DHABI, 6th March, 2017 (WAM) -- The Ministry of Finance said that it has benefited from some suggestions by the International Monetary Fund, IMF, especially on spending cuts and revenue increase programmes, which highlights its exceptional ties with all international financial organisations.

The ministry welcomed the strengthening of co-operative ties with the IMF, to serves the UAEs strategy for supporting financial sustainability and general economic growth.

The ministrys confirmation came after recent statements by Christine Lagarde, Managing Director of the IMF, where she said that the IMF is prepared to have discussions about the UAEs financial policies, according to the needs of its economy.

He clarified that the reports and studies made by the IMF offer many suggestions based on best international practices. He added that the UAE is studying the reports and suggestions that relate to financial policies and their effects on economic growth. It is also building on appropriate financial policies that support the vision and strategy of the UAE government, for financial sustainability and economic growth that follows the best international practices.

He further added that the ministry has benefited from certain suggestions, including those on spending cuts, revenue increase and financial policies co-ordination programmes, stating that these suggestions are being applied, based on the best international practices.

The IMF, as part of its duty to review the financial and monetary policies and overall economic indicators of its member countries, will visit the country twice a year, with the goal of preparing the report of the fourth article deliberations to reflect the overall economic performance of countries.

During its last visit, the IMF praised the strong efforts by the UAE to develop its adopted financial performance indicators, which succeeded in overcoming and resisting negative international economic conditions.

Copyright Emirates News Agency (WAM) 2017.