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DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020

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DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Empty DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020

Post by claud39 on Thu Jan 16, 2020 1:31 pm

DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Image00002%20%28Large%29_4








Call for more attention to increase the efficiency of social spending, and develop educational systems to keep pace with labor market trends

The importance of following up on deepening local financial markets to provide new resources for financing infrastructure projects, and developing legislative frameworks that encourage partnership with the private sector

Advocacy for the development of appropriate international principles and rules for tax applications on digital transactions and electronic commerce

Praise the tax reforms undertaken by the Arab countries

 

The fifth annual meeting of the undersecretaries of the ministries of finance in the Arab countries was opened today, Wednesday, organized by the Arab Monetary Fund in cooperation with the Ministry of Finance in the United Arab Emirates at the Sofitel Hotel in Abu Dhabi, United Arab Emirates. And the Organization for Economic Cooperation and Development, along with the Arab Monetary Fund, which holds the technical secretariat of the Council of Arab Finance Ministers.

On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General of the Board of Directors of the Arab Monetary Fund, delivered a speech at the opening session, in which he indicated that the global economy still faces several risks, most notably the impact of trade tensions on the tracks of global economic growth and international trade, and the escalation of levels of Indebtedness and its expected negative effects on the budgets of families and companies, in addition to the expected impact of the slowdown in the Chinese economy, pointing out in this context to the expectations of the Arab Monetary Fund, which indicates achieving a growth rate of Arab countries as a group by about 2.5 percent for the year 20 19, and 3 percent for 2020.

His Excellency praised the efforts of the Arab countries in the field of public financial reforms, the most prominent of which are the promotion and diversification of government revenues, and the development of public debt management strategies, noting in this regard that the levels of deficits in the combined budget of the Arab countries continue to decline, reaching about 4 percent of GDP Total in the past two years.

His Excellency Dr. Al-Hamidi referred to the topics that will be discussed during the two days of the meeting, the most important of which are the financial policy options between absorbing social pressures and economic efficiency, pointing to the importance of raising the efficiency of spending on health, education and social protection items, leading to better results at the level of health and education and promotes justice Social and sustainable growth opportunities.

His Excellency discussed the issue of developing educational systems to adapt to the needs of the labor market, the importance of supporting the coordination of educational policies, stimulating talent, and developing a new charter for education.

His Excellency also reviewed the results of the study prepared by the Arab Monetary Fund on the role of financial markets in financing development and infrastructure projects in Arab countries, where the study showed that the existence of infrastructure is one of the main requirements for achieving growth and economic development for countries, especially for emerging economies and developing countries. His Excellency stated in this context that the financing gap for infrastructure investment around the world by 2040 is estimated at about $ 15 trillion USD, while for the Arab region, it is estimated at about $ 103 billion annually, which highlights the importance of continuing efforts to deepen local financial markets and develop tools And expanding the investor base.

In addition, in his speech he touched on the study of the Arab Monetary Fund on taxes on services and financial instruments in the Arab countries. His Excellency stated that taking into account the size of the financial sector in the Arab countries, his contribution to tax revenues is relatively weak compared to his contribution to the added value of Arab economies, as well About the size of his assets and the profits he makes. The exemption of financial services or not being included in the umbrella of indirect taxes, especially value-added tax, would create a disruption in Arab tax systems.  

On the other hand, His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund pointed to the increasing importance of the topic of "tax challenges arising from the digital economy and electronic commerce", praising the paper submitted by the Organization for Economic Cooperation and Development in this regard, indicating in this framework that the digitization of the economy has led The emergence of new business models and an unprecedented development in providing electronic services and solutions across the world, making existing tax rules inappropriate. There is no doubt that the inclusion of the topic of facing tax challenges arising from the digital economy among the priorities of the Group of Twenty, highlights the importance of the subject and the need to enhance international cooperation on it.

In the context of the importance of enhancing the exchange of experiences and experiences between Arab countries regarding economic and financial issues and issues, His Excellency Dr. Al-Hamidi expressed the Secretariat’s keenness to present two issues of importance to Arab countries, namely indirect tax reforms and partnership initiatives with the private sector, praising in this regard the papers prepared by the owners Happiness is the representatives of the Arab ministries of finance on these issues, in a way that enhances the transfer of knowledge and experience between Arab countries and identifies the challenges that Arab countries face in this regard and strategies to overcome them.

Finally, His Excellency Dr. Al-Hamidi praised the Fourth Public Finance Forum, which will be organized by the Arab Monetary Fund in cooperation with the International Monetary Fund on November 23, 2020 in Dubai, under the title “Social Protection and Social Security Networks for Better Management of Public Finance in the Arab Countries”, indicating in this regard To the importance of the topics he will address.

 

[url=https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9 %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85 %28%D8%A5%D8%AC%D8%AA%D9%85%D8%A7%D8%B9 %D8%A7%D9%84%D9%88%D9%83%D9%84%D8%A7%D8%A1 2020%29 07012020.pdf]Floor text[/url]




[url=https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9 %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85 %28%D8%A5%D8%AC%D8%AA%D9%85%D8%A7%D8%B9 %D8%A7%D9%84%D9%88%D9%83%D9%84%D8%A7%D8%A1 2020%29 07012020.pdf]https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9%20%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%20%28%D8%A5%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%20%D8%A7%D9%84%D9%88%D9%83%D9%84%D8%A7%D8%A1%202020%29%2007012020.pdf[/url]




DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Image00012%20%28Large%29_2







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DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Empty The Fifth Meeting of Arab Finance Ministries Agents Abu Dhabi - United Arab Emirates 2020 Jan 15

Post by claud39 on Thu Jan 16, 2020 1:43 pm

Arab Monetary Fund

a word
His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi
The general manager is the chairman
Arab Monetary Fund


The Fifth Meeting of Arab Finance Ministries Agents
Abu Dhabi - United Arab Emirates
2020 Jan 15



DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Image00002%20%28Large%29_4





Mr president,,


Excellencies, agents
Ladies and gentlemen,


Good morning, good morning
I am pleased to welcome you to the city of Abu Dhabi on the occasion of the fifth meeting of government undersecretaries
Finance in Arab countries, which is organized by the Arab Monetary Fund as the technical secretariat
The distinguished council of Arab finance ministers. Your meeting today comes within the framework of taking care of
Activating and enhancing the role of the Council in exchanging experiences, experiences and consulting on various matters
Economic and financial topics and developments that are of interest to the economies of our Arab countries.


I would also like to express my sincere gratitude and thanks to all the caring agents
To attend the meeting despite their many concerns, reflecting the importance that it attaches
Finance ministries in the Arab countries to cooperate and coordinate with each other.

 Thanks also
To the experts of the International Monetary Fund, the World Bank, and the Organization for Economic Cooperation and Development
(OECD), who, as usual, were keen to participate in the meeting and present a number of papers
That is of increasing importance in the area of ​​public finance issues in our Arab countries.

Excellencies ,,
Ladies and gentlemen,

Relatively, the estimates of international institutions indicate that the performance of the global economy has deteriorated
Well done
In 2019, in light of declining levels of global economic activity, international trade,
Reflecting the uncertainty created by the escalating trade tensions between the two largest powers
Two economies worldwide, the United States of America and China, the increasing frequency
Adversely on manufacturing, investment and international trade activities. Trade protectionism, which has affected
The global economy still faces several risks, chief among them the impact of trade tensions


On the tracks of global economic growth and international trade, and the escalation of debt levels
And its expected negative impacts on the budgets of families and companies, especially if it continues
Weak economic activity, as well as the expected impact of the Chinese slowdown.


With regard to Arab countries, the Arab Monetary Fund estimates indicate a rate of growth
Reflecting the Arab countries as a group amounted to about 5.2 percent from 2019
Economic estimates have been lowered in both the oil export and imported
The Arab countries
For him, as a result of the slowdown in external demand and its expected effects on oil exports and other
Oil. 

The Arab Monetary Fund expects that the economic growth rate of Arab countries will increase
During the year 2020 to about 0.3 percent, in light of the expected recovery of the global economy,
The positive effects of economic reform programs and policy reforms continue
Macroeconomic and structural reforms implemented by Arab countries to support stability
Economic activity, stimulating economic activity and diversifying the production and export base.


On the level of achieving fiscal discipline and financial sustainability, economies witnessed
Arab countries have decreased budgets deficit levels since 2014, as
The pace of implementing fiscal reforms has accelerated in a number of Arab countries to contain
And rationalizing the increase in public spending levels, and promoting and diversifying government revenues,
And developing public debt management strategies. These reforms have reduced levels
The general number of Arab countries to about 4 percent in the two years, the budget deficit sum
In implementing these reforms in the past two years.

It would continue to be presented
Providing financial resources that can be directed to support economic growth and provide more opportunities
Work and reduce levels of poverty and unemployment.

Perhaps one of the most important features of the reforms that our Arab countries are working on is the follow-up of diversification efforts
Economic activity, enhancing private sector participation, and increasing revenue through reform


The tax system, which enhances the chances of financial sustainability on the one hand and encourages creation
The environment that encourages private sector growth and attracting investment, on the other hand.

Excellencies ,,
Ladies and gentlemen,

 Your meeting today discusses various topics,
The first is "fiscal policy options between assimilation."


Social pressures and economic efficiency, "as the Arab region faces an urgent need
In particular, as we pointed out in light of the challenges of slowing global growth, to inclusive and sustainable growth
External challenges, including trade tensions and geopolitical risks, are what
May weaken the economic outlook for the Arab region. Thus improvement can contribute
Improve social growth and stability
Efficiency of social spending plays an important role
Introduction by the International Monetary Fund that the high spending on
In Arab Countries. 

The paper stands out
Health, education and social protection items would lead to better results on
Level of health and education, promotes social justice and leads to better growth
General and sustainable.


Taking into account the relative decrease in social spending in the Arab region due to
And taking
Pressures of increasing budgets, the study shows the challenges of enhancing efficiency
Social spending in Arab countries, corresponding to Arab countries' pursuit of an approach
Policies that increase the efficiency of social spending by regulating the institutional framework
To upgrade
And strengthening governance. Perhaps it is a good opportunity to discuss the experiences of Arab countries in pursuit
Efficient social spending.


Your agenda today also discusses the topic "Developing education systems to align with."
Labor market needs, ”where education, as you know, contributes strongly to capital enhancement
Human being, creating wealth and social welfare. In its report, the World Bank identifies several citizens

To support the education framework, including: coordinating educational policies, motivating talent, and developing a charter
New to education. The World Bank report also stresses the need to increase investment in public resources
In education, improving the efficient management of human capital from teachers for improvement
Student education results and higher rates of investment in education.

It is no secret that finance ministries have an important role in supporting education through improving efficiency
Allocate resources for this sector in the state budgets to meet educational needs
Especially growing in our young Arab societies, where education allocations usually do not match
With countries ’strategic goals to achieve better education rates, the most important is to raise
Efficient spending on education is not necessarily a significant increase in the amount of financial resources that are
It is allocated to this sector.

Excellencies ,,
Ladies and gentlemen,

In addition to the International Monetary Fund and World Bank papers, the Arab Monetary Fund participates in presenting
Two studies, the first relates to the role of financial markets in financing development and infrastructure projects
Infrastructure in Arab countries, which were prepared based on the results of a questionnaire distributed to
The finance ministries in the Arab countries, where the presence of infrastructure is one of the main requirements
To achieve economic growth and development for countries especially the emerging economies and developing countries.

The financing gap for infrastructure investment worldwide is estimated at 15
US $ 1 trillion by 2040. As for the Arab region, it is estimated to be about
$ 103 billion annually, knowing that $ 1 billion in infrastructure investment is
It would create 110 thousand jobs at the level of oil importing countries, and 26 thousand opportunities
He worked in the Gulf Cooperation Council states, and about 49 thousand job opportunities in
Oil machine. Other countries released



Therefore, it is important to provide a variety of channels to mobilize the resources needed to finance projects
The efforts of the local finance markets are development and infrastructure, as Arab countries make efforts to develop

There is a need for follow-up to finance economic and social development and infrastructure. on him,
Efforts to deepen domestic financial markets, and diversify financing instruments to mobilize financial resources
Necessary to carry out development and infrastructure projects, such as sukuk and voluntary bonds
Project bonds. 

It is also important to work to broaden the investor base from TAQEIS
Participation of non-bank financial institutions, taking into account the presence of targeted investors
Long-term instruments such as pension funds, pensions, insurance companies, and funds
Sovereign infrastructure investment funds, as well as diversification of financial institutions
Non-banking, such as investment funds, companies and individuals.

Taking into consideration also requires strengthening the public-private partnership in order to benefit
One of the channels of private sector financing for development projects, infrastructure and management efficiency.


An appropriate legislative and institutional framework must be provided for project management between the two sectors
Public and private and the contractual relationship between them, and the implementation of those projects.
The second study of the Arab Monetary Fund addresses a topic of great importance in
The framework of efforts for public financial reforms and exchange of experiences between Arab countries relates to
Taxes on services and financial instruments in Arab countries. Given the size of the sector
Financial in Arab countries, its contribution to tax revenues is relatively weak
Compared to his contribution to the added value of Arab economies, as well as the amount of profits made
Achieves it. 

On the other hand, financial services are exempted or not included in an umbrella
Especially value-added tax, which may create indirect taxes in the systems,
Tax, resulting in some distortions. Among the most prominent of these distortions is the low tax efficiency
The value added due to the erosion of the tax base, and the resulting loss of revenue
Tax. Moreover, the exemption of financial services may lead to the phenomenon of accumulation

Effect tax cascading and its impact on tax justice, in addition to
No, and the consequences of differences in tax treatment are economic distortions.
Financial services from competitive distortions.

Excellencies ,,
Ladies and gentlemen,

The meeting's agenda also touches on an increasingly important topic
Recent years, which is “tax challenges arising from the digital economy and trade
E-commerce ”, and we are grateful to the OECD for the paper presented
On this subject from international experiences, where the digitization of the economy has given rise
New business models and unprecedented development in providing electronic services and solutions via
Unprecedented risks. It highlights the boundaries, making existing tax rules vulnerable
Including tax challenges arising from the digital economy among the priorities of a group presidency
Twenty, the increasing importance of this topic.


There is no doubt that there is a need to update some tax legislation that will strengthen
Collecting taxes on digital financial transactions at the location of a user or consumer
These services and transactions, and work to develop tax rules to overcome these
Challenges, particularly coordination between different tax rules to address permitting risks
For multinational companies transfer profits to countries without taxes on
Profits or limited taxes, therefore international cooperation should be strengthened to take into account subsidies
Sustaining tax collection and ensuring that double taxation is reduced to create certainty
Tax.

Excellencies ,,
Ladies and gentlemen,


Within the framework of the importance of enhancing the exchange of experiences and expertise between Arab countries in this regard
On economic and financial issues and issues, the Secretariat was keen to raise two related topics
Importance for the Arab countries, namely indirect taxes and partnership initiatives between the two sectors
Public and private.

 In this context, we are grateful this year to our loyal agents
For presenting worksheets on these important topics, through which experiences are reviewed
Arab countries in more depth, to discuss and learn about the challenges faced by states
Arab in this regard and strategies to overcome it. In this context, you review both

The United Arab Emirates and the Kingdom of Morocco, their experiences with reforms
Indirect taxes, while highlighting the State of Kuwait and the Republic of Egypt
Al Arabiya on their experience in partnership with the private sector. 

There is no doubt that these papers
It will enhance opportunities for exchanging experiences and expertise between Arab countries.
Of course, we look forward to hearing from all the participants 'interventions, about their countries' experiences
These issues and topics.

Excellencies ,,
Ladies and gentlemen,

In addition to the above, your agenda includes preparation for the next meeting of the Council of Ministers of Finance
Arabs, the 14th of April 2020 in our dear country the Kingdom of Morocco, and there is a decision to be held
 A proposed draft of the meeting program will be presented to you.


On the other hand, the Arab Monetary Fund is organizing the second regional tax forum in the countries
Arabia, which will be held on March 23 and 24 (2020). The forum will be discussed in light of
The growing importance of revenue diversification, the development of financial resources, and addressing challenges
Economic policy makers in Arab countries, opportunities and challenges facing mobilization
Tax resources in Arab countries. The forum is a platform for sharing experiences and expertise
Consultation between the ministries of finance, economy, trade, and investment, and tax agencies
The Arab Bank, Arab central banks and monetary institutions, attended by a number of experts
Academics, regional and international financial institutions, and those involved in fiscal and tax policy.

The forum is interactive in discussing good policies and practices and challenges
Application to enhance the transfer of knowledge and experience. We look forward to the active participation of our Arab countries
On the forum.

Based on the recommendations of the first forum, the Arab Monetary Fund will launch a regional working group
Taxes in Arab countries, which will be a platform for dialogue and consultation between agencies
Arab tax, in the presence of a number of international institutions and bodies concerned with cases
Tax, in a way that contributes to enhancing tax capacity building for Arab countries and enhancing consultation
The exchange of expertise and experiences in the tax field between Arab countries.

On the other hand, I would like in this context to refer to the fourth fiscal forum that will be held
This year is entitled "Social Protection and Social Security Networks for Management."

Better for public finances in the Arab countries. "The Arab Monetary Fund will organize it in cooperation with
The International Monetary Fund on Monday, November 23, 2020 in Dubai. Discusses the
Forum, social protection frameworks and mechanisms and social security networks, along with an assessment
The state's contribution to reducing poverty rates, in addition to evaluating the policies aimed at
Strengthening social protection and social security networks.

The forum will also address harmonized social spending strategies, as countries head
To adopt social protection policies aimed at reducing poverty rates through protection
The forum will also offer to enhance the transparency of financial policies and the social role. It matters
What fiscal advisory councils at the country level can play for
Strengthening the country's financial performance and supporting the overall economy. As you know, the forum brings together ministers
Finance and senior officials involved in financial policies from the Arab region, with the participation of a number
From experts and specialists from international institutions. I look forward in this context to your discussions
About preparing for the forum, which helps its success in achieving its intended purposes. as such
I look forward to your participation in it.

I also refer here to the annual questionnaire (attached to the meeting documents) which may be appropriate
The fund sent it to His Excellency the Finance Ministers to identify the needs
Topics and issues of priority for our Arab countries, to help in developing programs
And appropriate activities, and we look forward to following you in answering it and sending it to the council secretariat before
End of this month.

Excellencies ,,
Ladies and gentlemen,

Finally, I would like to confirm
Again, the consultative nature of the meeting, in light of the keenness of the owners
Honorable ministers, provided that their council meetings and related activities are of a nature
Informal, providing the flexibility needed to benefit and exchange experiences.

Before I conclude, I would like to take this opportunity to extend our most sincere thanks and appreciation to the authorities in
The United Arab Emirates is the country of the headquarters of the Arab Monetary Fund for continuous support
That it provides to the Arab Monetary Fund, which contributes to the success of its activities and activities.


The importance of all of you sharing the topic topics. In conclusion, I would like to stress that in us
It was proposed in a way that enhances the importance of meeting as a forum for dialogue and exchange of experiences and expertise
Among the Arab ministries of finance, in a way that helps to prepare well for the next meeting of the Council
Successful and pleasant stay in a country
You have a meeting
Finance ministers in the Arab countries, wishing
United Arab Emirates.


May peace and God's mercy and blessings be upon you.




[url=https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9 %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85 %28%D8%A5%D8%AC%D8%AA%D9%85%D8%A7%D8%B9 %D8%A7%D9%84%D9%88%D9%83%D9%84%D8%A7%D8%A1 2020%29 07012020.pdf]https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9%20%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1%20%D8%A7%D9%84%D8%B9%D8%A7%D9%85%20%28%D8%A5%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%20%D8%A7%D9%84%D9%88%D9%83%D9%84%D8%A7%D8%A1%202020%29%2007012020.pdf[/url]
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DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Empty Official Arab talks to discuss the challenges of tax legislation

Post by claud39 on Fri Jan 17, 2020 9:38 am

Official Arab talks to discuss the challenges of tax legislation


17/01/2020



DIRECTOR GENERAL OF THE ARAB MONETARY FUND, DELIVERED A SPEECH AT THE FIFTH ANNUAL MEETING OF DEPUTY MINISTERS OF FINANCE JANUARY 15 AND 16, 2020 Rc_157924401827_23



Arab Deputy Ministers of Finance concluded their fifth meeting organized by the Arab Monetary Fund in cooperation with the UAE Ministry of Finance in Abu Dhabi yesterday, with the participation of experts and representatives from the International Monetary Fund, the World Bank Group and the Organization for Economic Cooperation and Development, and specialists in financial affairs in the Arab countries.

The meeting discussed over two days, the papers and topics raised, preparation and coordination for the next meeting of Arab finance ministers to be held next April, and discussed the challenges related to tax legislation and the role of capital markets in financing development and infrastructure projects in Arab countries.

He also discussed the preparations for the Fifth Forum on Public Finance in the Arab Countries and the upcoming meeting of the Arab Council of Ministers of Finance, to be held next November, as well as discussing and adopting the final statement of the meeting.




http://www.uabonline.org/en/news/arabicnews/16051576157515811579157515781593158515761610157715/71934/0
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