MoF holds first meeting of the Government Financial Policy Coordination Council for 2017

The Ministry of Finance (MoF) recently held the first meeting of the Government Financial Policy Coordination Council for 2017 in 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 aimed to discuss the latest developments on fiscal policies at a UAE level.

The meeting was attended by members of the UAE Government Financial Policy Coordination Council and representatives from finance departments and UAE Central Bank.

HE Younis Haji Al Khoori said: “The Government Financial Policy Coordination Council plays an important role in developing and unifying the vision and financial policies, aligning them with the best international practices in government financial work. The Council also studies the draft budgets and expenditures, in order to support sustainable economic development and achieve the highest levels of government efficiency in managing expenditure to ensure prosperity for the UAE.”

Members of the Government Financial Policy Coordination Council reviewed the consolidated financial statements for the fourth quarter of 2016, and a summary of the World Bank Mission’s visit to the UAE to discuss ways to enhance financial coordination in health and education sectors at a UAE level. The Council also highlighted the IMF’s recommendations on the selected topics to be discussed during the mission on Article IV consultation’s visit to the UAE in April 2017. Participants also highlighted the financial and banking developments in the UAE through the UAE Central Bank’s vision.

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 Council is reconstituted every three years.