The Ministry of Finance (MoF), received Christine Lagarde, Managing Director of the International Monetary Fund (IMF) on the sidelines of the World Government Summit 2017 (WGS) which was held in Dubai. Christine Lagarde issued her concluding statement and provided a number of recommendations to develop a medium-term strategy that will enable Arab countries to generate government revenues to support growth. Christine Lagarde stressed that gradual fiscal consolidation and vigorous implementation of structural reforms will help the UAE economy adjust to lower oil price.
Lagarde said: “It has been a great pleasure to visit the UAE again and engage with its leaders and people. During my visit, I met His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; Mohammed Al Gergawi, Minister of Cabinet Affairs and the Future; HE Obaid Humaid Al Tayer, the Minister of State for Financial Affairs and a number of senior officials in the country.We had constructive discussions about the global economy, the outlook for the region, and the UAE economy.”
Christine Lagarde added: “During my meetings, I complimented the UAE authorities on their sound policies. Gradual fiscal consolidation and vigorous implementation of structural reforms, including those underlying Vision 2021, will help the economy adjust to the lower oil price environment, promote further economic diversification, and boost productivity. At the World Government Summit, I had the opportunity to engage with policymakers and private sector leaders on future global and regional developments. I shared the IMF’s latest assessment of the global outlook and risks, and participated in stimulating discussions on challenges in economic diversification and the use of new financial technologies.”
She continued: “In my speech at the opening of the Arab Fiscal Forum jointly organized by the Arab Monetary Fund and the IMF, I stressed the importance of developing a medium-term strategy for generating higher and more predictable government revenues in Arab countries to finance spending that promotes growth, equity, and inclusiveness.”
Lagarde concluded: “I also had the pleasure of interacting with representatives of the private sector, women leaders, and young innovators operating from the UAE.s. I was inspired by their innovativeness, dynamism, and determination to respond proactively and thoughtfully to challenges.The IMF enjoys a strong relationship with the UAE authorities. I reiterated the IMF’s readiness to continue to help the authorities through a policy dialogue tailored to the needs and circumstances of the UAE economy.”
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs said: “The Ministry’s enthusiasm to contribute to the World Government Summit through the strategic partnership with the Prime Minister’s Office, reflects the close working relationship between the UAE, IMF and international financial institutions.”
HE added: “Christine Lagarde’s visit to the UAE has contributed in providing recommendations for the UAE’s economy, strengthening the country’s leading global economic position. We look forward to having positive and active contributions to various future economic and development forums whether on a regional or international level.”
HE Al Tayer concluded: “The Ministry applauds the tireless effort of Christine Lagarde to contribute to the development of the global economy and the financial sector. We are also pleased by the UAE’s successful experience in the field of innovation, and the country’s status as a leading economic and financial model.”
The Ministry of Finance contributed to the success of the World Government Summit 2017 through its active participation in organising sessions to gather experts and decision makers to discuss the future of government.
The Ministry of Finance organised a high-level ministerial session to discuss economic diversification, in cooperation with the Prime Minister’s Office and the International Monetary Fund (IMF). The session discussed challenges and solutions to support thought-leaders during the implementation of economic diversification policies and change the economic models to build economies based on innovation and knowledge in the region. The Ministry also organised a Fintech session to introduce participants to the role of digital technological developments in enhancing financial services
During the World Government Summit 2017, Christine Lagarde attended a meeting with leading businesswomen. The Ministry also organised a visit to the Museum of the Future and future accelerators in coordination with Mohammed bin Rashid Centre for Government Innovation. Christine Lagarde also met with innovators to review their innovative ideas and experiences.
MoF organised, in collaboration with the AMF and IMF, the Second Arab Fiscal Forum under the theme ‘Revenue Diversification in Arab Countries; in the presence of Christine Lagarde. The forum brought together decision makers and thought leaders to discuss economic and financial issues and developments, particularly the sharp decline in oil prices and the slowdown in world economic growth.
Lagarde also attended a number of sessions which were organised by the Ministry of Finance, including “Innovation Discussion”. This session covered the UAE’s innovative initiatives in the seven key sectors were presented at the start of the meeting, in addition to the Ministry’s innovative projects which provide financial solutions for innovators such as the launch of the Mohammed bin Rashid Innovation Fund. The session also gave innovators the opportunity to discuss their challenges and ways to overcome them.
The World Government Summit 2017 has attracted a large number of VIPs and senior experts from the public and private sectors globally, ministers, decisions makers, to explore the future of government, effects of rapid social change, and proactive approach to finding new innovative solutions. The Summit also gathered a number of national and global partners who shared their visions and goals to contribute to the success of this event.
