Dubai, 7 March 2018: The Ministry of Finance (MoF) held the first meeting of the Government Financial Policy Coordination Council for 2018 at its premises in Dubai. HE Younis Haji Al Khoori, Undersecretary ofMoF 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 headed the meeting.
The meeting was held in the presence of Council members from various UAE governments representing finance departments in the UAE including, HE Safwan Obeid Hassan bin Safwan, Executive Director of Government Accounts Sector at the Department of Finance (DoF) – Abu Dhabi; HE Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at DoF-Dubai;HE Mohammed Saif Al Talay, General Director of the Department of Financial Auditing - Umm Al Quwain; HE Youssef Abdullah Al Awadi, Deputy Director of DoF- Fujairah; HE Yousef Al BlooshiDirector General ofDoF - Ras Al Khaimah; and Saif Hadef Al Shamsi Assistant Governor for Monetary Policy and Financial Stability of the UAE Central Bank.
HE Younis Haji Al Khoori stressed the pivotal role that the Government Financial Policy Coordination Council playsin coordinating and developing financial policies that improve the financial systems and enhance the UAE’s competitiveness levels. HE said: “The Council continues its efforts to study and develop financial policies. The Council is committed tokeeping up to date on the latest economic and financialdevelopments and changes and identifying their impact, to develop solutions and strategic plans that will achieve integrity of the financial system and enhance sustainable economic development.”
During the meeting, the Councilalso reviewed the Cabinet Decision issued by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai on amending the Cabinet Resolution on the Government Financial Policy Coordination council.The Council shall submit an annual report on its work and achievements to the Minister of Finance. The submission shall also including the suggestions and recommendations necessary for the fulfilment of its functions, in accordance with the procedures set out in the manual of the committee’s working systems in the Federal Government as approved by the UAE Cabinet.
The Council also discussed the World Bank Group’s presentation on the Financial Coordination Project for the Health and Education Sector, and reviewed the UAE’s financial statements and its comparisons with some countries in the world, in order to develop financial policies, and achieve the best returns possible. In addition, the Council discussed the financial risk management project, and addressed the latest and most important financial, monetary and banking developments at local, regional and global levels.
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, representatives from local UAE governments, and a representative of the UAE Central Bank. Three periodical meetings are held annually, and the council is reconstituted every three years.