Maktoum bin Mohammed: 9th Arab Fiscal Forum Strengthens Financial and Economic Integration Across the Region

The 9th Arab Fiscal Forum concluded on a high note today after a series of engaging and constructive discussions aimed at tackling vital economic issues affecting both Arab and global economies.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, stated that the Arab Fiscal Forum has become a strategic platform to enhance financial and economic integration among Arab nations.

H.H. Sheikh Maktoum stressed that establishing modern financial systems requires a comprehensive approach that focuses on improving spending efficiency, diversifying revenue sources, and utilizing advanced financial technologies such as digitization and artificial intelligence. Such measures are set to enhance transparency, financial sustainability, and the resilience of Arab economies.

H.H. Sheikh Maktoum highlighted the importance of developing flexible financial policies that respond to global economic transformations, support stability, and foster sustainable growth.

He also noted that regional cooperation plays a fundamental role in developing innovative financial policies capable of addressing future challenges and boosting the investment appeal of Arab economies.

In his remarks following the event, H.H. Sheikh Maktoum stated: “The Forum's themes and outcomes will contribute to shaping future financial visions that support development strategies. We must build on these dialogues during the World Governments Summit 2025, which provides a vital platform to explore the latest global financial and economic trends and strengthen international cooperation in building more sustainable and resilient financial systems.”

The Ministry of Finance concluded the ninth edition of the forum, held in collaboration with the Arab Monetary Fund and the International Monetary Fund, on Day 0 leading up to the World Governments Summit 2025, staking place in Dubai from 11 to 13 February.

The forum was attended by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Kristalina Georgieva, Managing Director of the International Monetary Fund; and H.E. Dr. Fahd bin Mohammed Al-Turki, Director General and Chairman of the Board of the Arab Monetary Fund.

The event also brought together Arab finance ministers, alongside experts, senior officials, and specialists from regional and international financial institutions.

Held under the theme “Fiscal Resilience in an Era of Uncertainty: Balancing Development Needs, Climate Action, and Debt Sustainability,” the forum explored a wide range of economic topics and issues impacting Arab and global economies.

Key topics included macroeconomic developments, public finance policies to address debt pressures, enhancing resilience to climate change, and redesigning tax systems to align with major economic transformations.

In his opening remarks at the forum, Mohamed bin Hadi Al Hussaini emphasized the need to adopt financial strategies that promote sustainable growth and support economic development in Arab countries.

He highlighted that the current phase demands intensified efforts to keep pace with global economic transformations by enhancing spending efficiency and making the most of modern technologies to develop advanced financial and tax systems.

Al Hussaini added that the UAE has adopted a comprehensive approach to enhancing financial sustainability by not only developing financial legislation and launching bond and treasury bill programs but also expanding the investment base to achieve economic balance and support future development plans.

He also noted that the private sector plays a pivotal role in driving economic growth, stressing the need to create an enabling investment environment that fosters innovation and opens new opportunities for entrepreneurs and national companies.

Al Hussaini emphasised that the development of financial systems in Arab countries should align with a broader vision that utilizes digital transformation and artificial intelligence to enhance efficiency and transparency.

He also highlighted the importance of regional and international cooperation in designing financial policies, which is essential for achieving sustainable economic stability and enabling countries to adapt to global economic changes.

The minister called on stakeholders to make the most of the forum’s discussions and dialogues, adding that exchanging experiences and insights would help develop more integrated and flexible financial policies. He also invited the delegations to attend the World Governments Summit 2025, a strategic platform to envision the future of government work and strengthen cooperation across sectors to achieve sustainable development.

Kristalina Georgieva, Managing Director of the International Monetary Fund, said: “The IMF has fostered a strong and productive partnership with countries across the Arab world. Today, this partnership is more crucial than ever as global and regional landscapes undergo significant transformation. Countries in the Arab world can leverage fiscal policy to transform their economies for the future, support growth, and improve the lives of their people.”

Dr. Fahd bin Mohammed Al-Turki stated: "The Arab Fiscal Forum provides a key platform for strengthening the resilience of fiscal policies in Arab countries. Under the new strategy of the Arab Monetary Fund, we look forward to being an intellectual partner, offering essential support to economic and financial authorities across the region. Our ultimate goal is to facilitate the adoption of policies that promote stability and foster inclusive, sustainable growth."

The forum featured four panel discussions each focusing on a critical economic issue. Chaired by H.E. Dr. Muhammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank, the first session was held under the theme Macroeconomic Developments and Implications for Fiscal Position and was attended by Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund.

The session provided an overview of current macroeconomic developments at regional and international levels, addressing the shocks faced by many economies, including conflicts and climate disasters. These challenges have significantly impacted economic growth prospects. The session emphasised the need for policymakers to prioritize enhancing economic growth, increasing economic resilience, and ensuring the sustainability of public finances while maintaining low inflation rates.

The second session, chaired by Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy of the Kingdom of Bahrain, included speakers such as Vitor Gaspar, Director of the Fiscal Affairs Department at the International Monetary Fund, and Jeromin Zettelmeyer, Director of the Bruegel Center.

Titled “Options for Fiscal Policy Design in the Face of Mounting Debt Pressures”, the gathering discussed the challenges posed by high debt levels, large budget deficits, and rising interest payments. It also reviewed strategies to effectively address these pressures and ensure fiscal stability.

The third session was held under the theme “Fiscal Policy and Climate Resilience.” Chaired by Mohammed Abdullah Al-Jadaan, Minister of Finance of Saudi Arabia, it featured speakers such as Amar Bhattacharya from the Brookings’ Center for Sustainable Development and Grace Fu, Minister for Sustainability and the Environment in Singapore.

The session addressed the significant economic costs of climate change in the region and stressed the importance of enhancing financial policies to support climate adaptation and ensure economic resilience.

As for the fourth session themed “Tectonic Shifts: Revamping Tax Systems for Large Structural Economic Changes” it was chaired by Mohamed bin Hadi Al Hussaini and included speakers such as Catherine Baer, Deputy Director of the Fiscal Affairs Department at the International Monetary Fund, and Ajay Seth, Secretary, Department of Economic Affairs in the Ministry of Finance of India.

The discussion explored avenues for modernizing tax systems in the Arab region to align with major structural economic transformations. It also emphasized the importance of ensuring tax system flexibility and using artificial intelligence to enhance the efficiency and effectiveness of tax administration.

The forum concluded with a ministerial roundtable attended by Arab finance ministers. The meeting emphasized the importance of enhancing cooperation among Arab nations to address common challenges and develop sustainable and flexible financial policies capable of promoting economic stability in the region.

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