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UAE Seeks World Bank's Help On Fiscal Direction

by Lorys Charalambous, Lowtax.net, Cyprus
20 May, 2015

The United Arab Emirates is developing a longer term fiscal plan in collaboration with the World Bank, a recent workshop organized by the Ministry of Finance (MoF) was told.

Discussions focused on how to maximize the impact of fiscal policy on long-term growth; options for revenue diversification; and maintaining the UAE's fiscal sustainability.

In his opening speech, Younis Haji Al Khoori, Undersecretary of MoF, said: "The Ministry has organized this workshop in cooperation with the World Bank to review the latest developments on the fiscal policies in accordance with best practices. Organizing this workshop reflects the Ministry's strategy and vision to build strategic partnerships with regional and international development organizations, and strengthen cooperation and coordination to support the development process and achieve financial balance and economic stability."

"In recent years, the UAE has witnessed significant progress in the coordination of fiscal policies between federal Government and local Government."

The MoF said that the World Bank will provide the UAE Government and private entities with technical support on making public spending more efficient, increasing transparency, and developing more robust budget systems.

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