Maktoum bin Mohammed: Rapid global changes require designing fiscal policies

Maktoum bin Mohammed: Rapid global changes require designing fiscal policies

Today, the UAE Ministry of Finance concluded the Eighth Arab Fiscal Forum, organised in partnership with the Arab Monetary Fund and the International Monetary Fund, which was held on the sidelines of the World Governments Summit 2024 in Dubai, under the theme of “Shaping Future Governments” from 12th to 14th February.

The participants adopted a set of recommendations on the necessity of continuing efforts to expand the fiscal space, achieving a balance between enhancing public revenues and sustaining public debt. They confirmed the necessity of maintaining efforts to combat climate change to preserve resources while strengthening international cooperation efforts to mobilise more financial resources directed to Arab countries to reduce the climate financing gap.

Moreover, the participants agreed on the need to strengthen social safety nets and minimise the direct support mechanisms that are most expensive and least effective. They stressed on the importance of having a medium-term framework for public finances and mitigating their risks in a way that enhances investor and market confidence. This will help in benefiting from artificial intelligence opportunities to support digital economy activities, enhance digital financial services, as well as boost the efficiency of the digital infrastructure and governance in public institutions.

H.H. Sheikh Maktoum bin Mohammed