The Ministry of Finance (MoF) virtually held the Financial Policy Coordination Council’s second meeting recently. H.E. Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Council chaired the meeting, alongside H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector and Vice-President of the Council.
The meeting was also attended by council members from several UAE government entities, and representatives of UAE departments of finance, including, H.E. Saif Hadef Al-Shamsi, Deputy Governor at the UAE Central Bank; H.E. Hisham Khaled Malak, Acting Undersecretary at DoF – Abu Dhabi; H.E. Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at DoF – Dubai; H.E. Waleed Al Sayegh, Director General of the Sharjah Finance Department; H.E. Yousef Al Blooshi Director General of DoF – Ras Al Khaimah; H.E. Marwan Ahmed Al Ali, Director General of DoF – Ajman; H.E. Khalifa Saeed Ghanim, Director General of the Department of Finance and Administration in the Emirate of Umm Al Quwain and H.E. Youssef Abdullah Al Awadi, Deputy Director of DoF – Fujairah.
H.E. Younis Haji El Khoori underscored the importance of the meeting, which was in light of the unprecedented circumstances the world is experiencing due to the COVID-19 pandemic. H.E. highlighted the efforts made by members and representatives of financial departments and the Central Bank to deal effectively with the challenges posed by the pandemic.
H.E. said: “The Council seeks to find solutions that contribute to facing the economic challenges of the current crisis and to prepare for the requirements of the next stage. This will be done in a manner that ensures the integrity of the financial system in the country and enhances the efficiency of the government’s financial work.”
During the meeting, the Council reviewed the latest developments on the requirements for exchanging information for tax purposes. The participants also shared success stories related to the MOF’s Federal Automated Revenue Estimation System, and reviewed the research and development expenditure projects, as well as the data collection process. Furthermore, the Cabinet Resolution No. (1/7) of 2020 on preparing for the post-Corona phase was discussed. Additionally, the implementation of the previous meeting’s recommendations were reviewed. The Central Bank also gave a presentation on vital monetary and banking developments in the country.
Three such meetings are held annually, and the Council is reconstituted every three years. The Government Financial Policy Coordination Council was formed by the UAE Cabinet’s decision No. (39) in 2008. Its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments and a representative of the UAE Central Bank.