ABU DHABI, (Pakistan Point News - 16th Jan, 2020) The United Arab Emirates held the fifth annual meeting of Arab Deputy Ministers, where white papers and other relevant topics were discussed, along with preparations for the next Council of Arab Finance Ministers meeting set for April 2020.
Tax legislation challenges and the role the markets play in financing development and infrastructure projects in Arab countries were also discussed.
Organised by the Arab Monetary Fund, AMF, in cooperation with the UAE Ministry of Finance, the meetings took place over two days at the Sofitel Hotel in Abu Dhabi.
Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, headed the UAE delegation at the meeting. Also present were Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General and Chairman of the board of Executive Directors of the AMF, deputies of Arab finance ministries, experts and representatives from the International Monetary Fund, IMF, the World Bank Group, WBG, the Organisation for Economic Cooperation and Development, and several financial affairs specialists from Arab countries.
Al Khoori said, "These meetings represent a vital platform to showcase the UAE model to the broader region, especially in terms of its experience in applying indirect tax reforms that have had a positive impact on the development and competitiveness of the country. Furthermore, the model contributes to building a sustainable knowledge economy for future generations."
On the first day of the meeting, a paper presented by the IMF on social spending for inclusive growth in Arab countries, and one by the WBG on developing education systems to align with the needs of the labour market were deliberated on. This is in addition to a study presented by the AMF on the role of financial markets in financing development and infrastructure projects in the Arab countries and the tax treatment of financial services and tools in Arab countries, which were debated over.
The agenda for the second day included discussions on indirect tax reforms and public-private partnerships that were presented by Arab Deputy Ministers and Under-Secretaries.
At the end of the meeting, the preparations for the Fifth Annual Arab Fiscal Forum meeting set to take place in November 2020 were discussed, followed by a concluding statement.
