Dubai: The Ministry of Finance (MoF) recently held the second meeting of the Government Financial Policy Coordination Council at its headquarters in Dubai. H.E. Younis Haji Al Khouri, Undersecretary of the Ministry of Finance and Chairman of the Government Financial Policy Coordination Council chaired the meeting alongside H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of the Ministry.

The meeting was also attended by members of the UAE government council from the various financial departments including: H.E. Abdul Aziz Al Hareb Al Yousuf, Deputy General Director of the General Budget sector of DOF - Abu Dhabi; Arif Abdulrahman Ahli, Executive Director of Budget and Planning Division of DOF – Dubai; H.E. Waleed Al Sayegh, Director General of the Sharjah Finance Department; H.E. Marwan Ahmed Al Ali, Director General of the DOF – Ajman; H.E. Khalifa Saeed Ghanim, Director General of the Department of Finance and Administration – Umm Al Quwain; H.E. Youssef Abdullah Al Awadi, Deputy Director of DoF – Fujairah; H.E. Yousef Al Balushi, Director General of DOF – Ras Al Khaima; as well as a representative of the Central Bank of the United Arab Emirates.

H.E. Younis Haji Al Khoori reaffirmed the Council's commitment to bolster joint cooperation and coordinate financial and monetary policies while directing efforts to strengthen the legislative and financial framework of the country and enhance its competitiveness.

H.E. said: “The Government Financial Policy Coordination Council is an important forum to discuss issues of concern, particularly the ministry’s initiatives around reviewing federal government fees, and the latest updates to the annual meetings of the UAE government and its second session related to the Expenditure Efficiency that is being implemented by the Ministry of Finance."

The meeting began with a review of the implementation of the recommendations from the previous meeting, a review of the drafting and collection of financial statements - including government financial statistics data for 2018 and data for the first and second quarters of 2019, frameworks of income and expenditure at the national level from 2010-2018, as well as the draft balance sheet at state level.

The meeting also discussed IMF Article IV Consultation Mission’s visit to the UAE, which is conducted annually by IMF as an overview of the economic and financial performance of the UAE. The next visit is planned from October 23 to November 5, 2019 and will deliberate the latest developments in the fiscal and banking sectors.

The Government Financial Policy Coordination Council was formed by Resolution No. 39 of 2008 of the Cabinet. Its members consist of the Undersecretary of the Ministry of Finance, a representative of the UAE Central Bank, and representatives from local UAE governments. The council holds three meetings annually, and is reconstituted every three years. Annual reports of the work of the Financial Policy Coordination Council is submitted to the Cabinet.

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