UAE benefited from IMF suggestions on spending cuts and increasing revenue: Ministry of Finance

ABU DHABI, 7th March, 2017 (WAM) -- The Ministry of Finance said that it has benefited from some suggestions by the International Monetary Fund, IMF, especially on spending cuts and revenue increase programmes, which highlights its exceptional ties with all international financial organisations. The ministry welcomed the strengthening of co-operative ties with the IMF, to serves the UAE’s strategy for supporting financial sustainability and general economic growth. The ministry’s confirmation came after recent statements by Christine Lagarde, Managing Director of the IMF, where she said that the IMF is prepared to have discussions about the UAE’s financial policies, according to the needs of its economy. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, said, in an exclusive statement to the Emirates News Agency, WAM, that the UAE maintains exceptional relations with international organisations, with the IMF being one of the most prominent. He added that there are many areas where the IMF co-operates with the ministry, while welcoming this co-operation due to the IMF’s diverse international expertise, especially in the topics of economic growth, financial policies and monetary policies. He clarified that the reports and studies made by the IMF offer many suggestions based on best international practices. He added that the UAE is studying the reports and suggestions that relate to financial policies and their effects on economic growth. It is also building on appropriate financial policies that support the vision and strategy of the UAE government, for financial sustainability and economic growth that follows the best international practices. He further added that the ministry has benefited from certain suggestions, including those on spending cuts, revenue increase and financial policies co-ordination programmes, stating that these suggestions are being applied, based on the best international practices. The IMF, as part of its duty to review the financial and monetary policies and overall economic indicators of its member countries, will visit the country twice a year, with the goal of preparing the report of the fourth article deliberations to reflect the overall economic performance of countries. During its last visit, the IMF praised the strong efforts by the UAE to develop its adopted financial performance indicators, which succeeded in overcoming and resisting negative international economic conditions.