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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS

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HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS Empty HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS

Post by claud39 Fri Jan 22, 2021 5:58 pm

HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS
2021-01-21



HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, SPEAKS AT THE OPENING OF THE WORKS OF THE SIXTH MEETING OF THE ARAB FINANCE MINISTRIES' AGENTS Logo-ar








The continuing impact of the Coronavirus pandemic on the pathways of global economic growth and international trade

Arab economies are expected to achieve a growth rate of 2.6 percent for the year 2021

The importance of Arab countries taking measures regarding the application of taxes to the digital economy

Supporting micro, small and medium enterprises by designing their own tax frameworks

The importance of enhancing the efficient distribution of resources in the Arab countries on the sectors to achieve comprehensive and sustainable growth

 



His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, delivered a speech at the opening of the works of the sixth meeting of the Arab Finance Ministries' agents, which will be held this year "remotely". The meeting was attended by undersecretaries of finance ministries in the Arab countries and experts from the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development, in addition to the Arab Monetary Fund, which is the technical secretariat of the Council of Arab Finance Ministers. 



In his speech, His Excellency stated that the performance of the global economy witnessed a decline in 2020, in light of the decline in levels of global economic activity and international trade, a reflection of the uncertainty left by the Corona pandemic, which negatively affected manufacturing, investment and international trade activities.



With regard to the Arab countries, His Excellency Dr. Al-Hamidi indicated that the Arab Monetary Fund estimates indicate a contraction of the gross domestic product in the Arab countries by 4.5 percent from the year 2020. In the same context, His Excellency stressed that the Fund’s estimates indicate a recovery in economic growth in the Arab countries within a year. 2021 and recording a growth rate of 2.6 percent in light of the expected gradual recovery of the global economy from the repercussions of the Corona pandemic, the continued implementation of economic reform programs, macroeconomic policy reforms, and structural reforms in the Arab region to support economic stability, stimulate economic activity and diversify the production and export base, indicating the most important The features of the reforms that the Arab countries are working on, represented in pursuing economic diversification efforts, enhancing the participation of the private sector, and increasing revenues through reforming the tax system.



On the other hand, His Excellency the General Manager, Chairman of the Board of Directors of the Arab Monetary Fund, emphasized that the emergence of new business models benefiting from digital transformation enabled multinational companies to form strong economic ties with a specific country without being physically present on its territory, which may enable them to avoid paying taxes due. on her. In this context, His Excellency referred to the study prepared by the Arab Monetary Fund on the "tax treatment of digital services", the results of which showed that a number of Arab countries are directed to take measures in line with international trends with regard to the application of taxes to the digital economy.



In another context, His Excellency Dr. Al-Hamidi stressed that the high cost of SMEs 'compliance with tax systems imposes on the tax authorities in general the need to pay attention to the adoption of all measures that would simplify and reduce the cost of these enterprises' compliance with the tax system, referring in this regard to the results of the working paper On "Fiscal Policy Options in Support of Small and Medium Enterprises", explaining the importance of Arab countries supporting micro, small and medium enterprises by designing their own tax frameworks.



On the other hand, His Excellency Al-Hamidi referred to the paper presented by the International Monetary Fund on “Enhancing the Efficiency of Resource Distribution in the Arab Countries to Achieve Inclusive and Sustainable Growth”, which showed that good governance helps to enhance financial sustainability and inclusive growth, and supports the success of economic reforms, praising this. The framework for the progress made by a number of Arab countries in many areas, the most important of which are increased access to budget information, e-government initiatives, adoption of international financial reporting standards, developments in combating money laundering and terrorist financing, simplification of labor regulations, in addition to participation in international initiatives to combat Corruption.



On the other hand, His Excellency the Director General, Chairman of the Board of Directors, referred to the topic “Requirements for the transformation towards a digital economy to enhance efficiency and governance in the Arab countries”, through the paper presented by the World Bank, indicating in this regard that the digital transformation of governments and public services involves a strategic shift It depends on demand and data, which requires new forms of partnerships and participation, new skills and models of accountability for the public sector.



His Excellency also indicated the importance of studying changes in the international tax systems and their implications, looking forward to cooperation with the Organization for Economic Cooperation and Development.



Finally, His Excellency touched on the item promoting the exchange of experiences and expertise among Arab countries, which deals with the topics of "governance of investments and public projects" and "reforms of the wage and pension system", stressing the importance of improving the governance system for managing projects and public resources, and working to develop the wage system in Arab countries, looking forward to For discussions on these topics.



In conclusion, H.E. His Excellency the Director General also thanked the Excellencies the Under-Secretaries of Finance Ministries in the Arab countries, and the experts from the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development for their participation.



 

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