RIYADH, 4th October, 2022 (WAM) — Minister of State for Monetary Affairs Mohamed Bin Hadi Al Hussaini yesterday led the UAE delegation attending the 117th assembly of the GCC Monetary and Financial Cooperation Committee, which s is held in Riyadh, Saudi Arabia. Arabia, with the intention of discussing the progress of labor on the financial integration of the GCC, in addition to numerous subjects associated to the customs union and the widespread market of the GCC.
The UAE delegation included Ahmad Abdullah Bin Lahej Alfalasi, Director Common of the Federal Customs Authority; Ali Abdullah Sharafi, Deputy Undersecretary of the Worldwide Monetary Relations Sector on the Ministry of Finance; Ibrahim Al Jarwan, Director of the GCC Affairs Division on the Ministry of Finance; and Hamad Al Zaabi, Chief of Employees to the Minister of State for Monetary Affairs.
Finance ministers from the GCC international locations and the secretary common of the Cooperation Council for the Arab States of the Gulf have been additionally current.
Al Hussaini underscored the UAE’s willingness to strengthen cooperation with the Common Secretariat of the Gulf Cooperation Council on issues associated to the GCC’s financial integration. “The periodic conferences held by the GCC Monetary and Financial Cooperation Committee present a necessary platform to deliberate on the challenges dealing with the financial sectors of the GCC international locations and to work in the direction of realizing the financial integration of the GCC, to satisfy to the aspirations of the GCC leaders and their peoples,” he stated.
The assembly aimed to debate the outcomes of the 79th Assembly of GCC Central Financial institution Governors and the outcomes of the eleventh Assembly of the Committee of Heads and Administrators of GCC State Income Administrations. He additionally deliberated on the end result of the twenty ninth assembly of the GCC Customs Union Authority and the end result of the primary assembly of the Board of Administrators of the GCC Customs Union Authority. As well as, the assembly reviewed the report of the Common Secretariat of the Gulf Cooperation Council on the remaining steps to ascertain the customs union, in addition to the complete implementation of the GCC widespread market pathways in keeping with a particular timetable earlier than the tip This, along with the outcomes of the thirty sixth assembly of the GCC Widespread Market Committee and the outcomes of the fourth assembly of the small group of finance ministries to debate the G20 Finance Monitor initiatives.
Throughout the assembly, the finance ministers additionally reviewed updates on the signing of the settlement to hyperlink the fee methods of the GCC international locations, and this system associated to attaining financial unity among the many GCC international locations by 2025.
On the sidelines of the assembly, finance ministers and central financial institution governors of GCC international locations met Kristalina Georgieva, Managing Director of the Worldwide Financial Fund.
Throughout the assembly, Al Hussaini previewed the UAE’s financial coverage, technique, initiatives, plans and restoration from COVID-19, and gave an outline of local weather change and vitality safety, public-private partnerships and the UAE’s progress in attaining gender equality. . “This assembly is especially necessary to debate methods and discover options to take care of international challenges, reminiscent of excessive inflation, tighter international financial circumstances, away from quantitative easing,” he stated.
Relating to the UAE’s financial coverage, technique, initiatives, plans and COVID-19 restoration, he famous that the worldwide economic system stays fragile and wishes to beat a number of challenges. The worldwide provide chain disrupted by the COVID-19 outbreak, the Russian-Ukrainian battle and excessive vitality costs have pushed international inflation to historic highs, exacerbating vulnerabilities in rising and growing economies . Moreover, he talked about that worldwide coordination is required to mitigate the impacts of present dangers and scale back international imbalances.
Al Hussaini added, “The UAE authorities has spared no effort to face up to the impression of COVID-19 by means of varied financial assist packages geared toward companies, SMEs and monetary establishments. Moreover, post-COVID-19 plans and initiatives have been launched to speed up restoration.
Al Hussaini additionally identified that in June 2022, the UAE launched an inflation-targeted assist program for some folks affected by rising prices, to enhance their high quality of life in mild of excessive costs. and inflation all over the world. His Excellency additionally talked about that the UAE Cupboard had authorised the issuance of as much as AED 45 billion of native debt with the principle objective of creating an AED-denominated yield curve, to diversify sources. of financing.
Relating to local weather change and vitality safety, Al Hussaini identified that the UAE’s vitality efforts are geared toward guaranteeing entry to inexpensive, dependable and trendy vitality providers. That is on high of considerably rising the share of renewables within the international vitality combine and doubling the worldwide fee of enchancment in vitality effectivity. Her Excellency additionally reaffirmed the UAE’s dedication to supporting worldwide efforts to mitigate local weather change.
Al Hussaini defined that partnerships, particularly between the private and non-private sectors, stay key to attaining sustainable and inclusive progress. SE additionally famous that enhancing the function of the non-public sector in progress, job creation and diversification of the economic system has been a precedence for the UAE lately.
On the UAE’s gender steadiness technique, he stated the UAE has made great strides in attaining gender equality and shutting the gender hole in any respect ranges. The United Arab Emirates was ranked 1st regionally and 18th globally within the Gender Inequality Index (GII) of the United Nations Growth Program Human Growth Report 2020. our strategic and growth program. Attaining sustainable and inclusive financial prosperity is simply potential by means of the participation of ladies within the labor market,” Al Hussaini added.
On the sidelines of their annual assembly, their Excellencies the GCC Finance Ministers attended a high-level seminar entitled “Working collectively to struggle meals insecurity”.