UAE Delegation Participates in the 33rd Ministerial Council Meeting of OPEC Fund for International Development in Austria

Meeting chaired by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs

 A UAE delegation headed by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, will participate in the 33rd Ministerial Council meeting of the OPEC Fund for International Development (OFID), which will be held on Thursday, June 14, 2012 in Seefeld, Austria. The delegation includes HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance (MoF), HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector of MoF, along with a number of experts of the Ministry.

The meeting will discuss a number of issues included in the agenda and the current President of Ministers Council’s report. In addition, it will also confirm the adoption of the Fund’s performance annual report and its plans for the current fiscal year. Participants will also view the ratification of the general budget and income and expenditure account, as well as the appointment of auditors for the fiscal year 2012.

HE Younis Haji Al Khouri, Undersecretary of MoF, highlighted the UAE’s efforts to support the operations of the OFID and to facilitate its work strategy in addition to its development. Moreover, HE stressed the need to double current efforts to strengthen the areas of development, fight poverty and hunger and support energy program for the less privileged. He added that the OFID has to continue its development operations and diversify its products and services to support countries, especially ones with low-income.

Furthermore, HE stressed that the Annual Ministerial meeting of the Fund represents a real opportunity to review the economic regional and international developments. The meeting will discuss the activities and programs of the Fund and the adoption of plans in accordance to the approved programs. Additionally, it will review the Fund’s financial resources development report.

It should be noted that OFID’s Board of Governors has decided to re-elect HE Jamal Nasser Lootah, Governor of the UAE, for the fifth time in a row to be the Chairman of the Board of Governors, during the meeting held on 16/3/2012 at OFID’s headquarters in Vienna.