Tenth Meeting of Arab Finance Ministries' Deputies discusses digital transformation in public finance

Arab deputy finance ministers met today in Abu Dhabi to discuss financial policies, digital transformation in public finance, as well as the adoption of environmental, social, and governance (ESG) standards, and the impact of financial policies on economic growth in the region.

The discussions also touched on energy subsidy reforms in Arab countries, focusing on challenges and lessons learnt.

Organised by the Arab Monetary Fund, the meeting was attended by Fahad M. Alturki, Ph.D. Director General and Chairman of the Board of the Arab Monetary Fund, as well as deputy finance ministers, experts from the International Monetary Fund, the World Bank, and the Organisation for Economic Co-operation and Development (OECD).

Senior Emirati officials attended, including Younis Haji AlKhoori Under-Secretary of the Ministry of Finance; Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at the Ministry of Finance; and Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Departmentat MoF.

The two-day meeting concluding tomorrow (Tuesday) featured seven sessions on regional financial and economic issues. It will wrap up with a session discussing the agenda for the 16th Arab Finance Ministers Council meeting.

Younis Haji AlKhoori stressed the importance of this annual meeting for Arab countries to strengthen cooperation in financial policies and address the global economic challenges we face today.

"This meeting is a significant step forward in improving coordination among Arab countries, helping align our efforts to keep up with global changes in areas like digital transformation, financial governance, and sustainable energy planning," AlKhoori added. "When we cooperate effectively in these areas, we bolster the stability of our economies and pave the way for long-term, sustainable growth."

He continued, "Through the discussions we had at the meeting, we exchanged expertise and best practices that would help improve our financial policies and make the management of public resources all the more efficient. We explored how digital transformation can enhance the transparency of public finance, guided by the directives of our wise leadership to strengthen digital infrastructure and develop policies aligned with environmental, social, and governance (ESG) standards—an increasingly vital priority in today’s world.”

Meanwhile, Dr. Fahad M. Alturki, opened the meeting with a speech emphasising the importance of this annual gathering in strengthening Arab cooperation and facilitating the exchange of experiences among members in financial policies.

Fahad M. Alturki highlighted that these meetings provide an ideal platform for addressing shared challenges faced by the Arab region amidst global economic changes. He stressed that exchanging expertise among Arab countries reinforce their ability to confront these challenges through collaborative and well-thought-out solutions.

He added, “Promoting cooperation among Arab countries will not only help achieve economic integration but also drive sustainable growth across the region. Through such meetings, we can boost our collaboration to improve financial policies, advance digital transformation initiatives, and strengthen governance within financial institutions."

Follow Emirates 24|7 on Google News.