MoF holds the third meeting of the Government Financial Policy Coordination Council for 2016

Tuesday 27 December 2016

Dubai - MENA Herald: The Ministry of Finance (MoF) organised the third and final meeting of the Government Financial Policy Coordination Council for 2016 at its premises in Dubai. The meeting was headed by HE Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Government Financial Policy Coordination Council; in the presence of HE Saeed Rashid Al Yateem, Assistant undersecretary of Resources and Budget Sector at MoF and Vice Chairman of the Council.

The meeting was attended by HE Mohammed Ali Bin Zayed Al Falasi, Deputy Governor of UAE Central Bank, members of the Government Financial Policy Coordination Council from UAE governments, including HE Abdul Aziz Hareb Al Yousuf, Executive Director of General Budget Sector at the Department of Finance – Abu Dhabi; HE Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at the Department of Finance-Dubai; HE Mohammed Sultan Al Qadi, Managing Director of the Investment and Development Office (IDO) Government of Ras Al Khaimah; HE Waleed Ibrahim Al Sayegh, Director General of the Central Finance Department of Sharjah and HE Marwan Al Ali, Acting Director General of the Department of Finance in Ajman.

HE Younis Haji Al Khoori highlighted the Council’s efforts to oversee the data and government financial reports, prepare government financial policies and discuss budgeting projects and government expenditures. HE said: “Since its establishment in 2008, the council achieved important accomplishments in the coordination of financial policy, identifying projects funding mechanisms and discussing sovereign credit ratings for the federal and local governments. The Council also met the requirements of the global competitiveness index, and held discussions on financial updates to support the economic development in the country.”

The Council members discussed a number of important topics, particularly reviewing the consolidated financial statements for the third quarter of 2016 in comparison to previous statements, strengthening financial cooperation in the health and education sector, reviewing the meeting results of the technical team with regards to the balance sheet, and discussing the summary of the Article IV mission of the International Monetary Fund (IMF) report and the latest monetary and banking updates in the country.

The Government Financial Policy Coordination Council was formed by a resolution from the UAE Cabinet. Its members consist of the Undersecretary of MoF, representatives from local UAE governments and a representative from the UAE Central Bank. The Council holds three periodical meetings annually and the Counsil is reconstituted every three years.

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