What will help the UAE economy adjust to lower oil price
The International Monetary Fund has issued a press release to make publish a Statement by IMF Managing Director Christine Lagarde at the Conclusion of Her Visit to UAE.
- It is key to develop a medium-term strategy to generate government revenues in Arab countries to finance spending that promotes growth, equity, and inclusiveness.
- Gradual fiscal consolidation and vigorous implementation of structural reforms will help the UAE economy adjust to lower oil price
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of her visit to the United Arab Emirates (UAE):
“It has been a great pleasure to visit the UAE again and engage with its leaders and people. During my visit, I met with His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Excellency Obaid Humaid Al-Tayer, Minister of State for Financial Affairs, and other senior officials. We had constructive discussions about the global economy, the outlook for the region, and the UAE economy.
“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.
“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.
“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.”