Arab finance ministries undersecretaries conclude meeting in Abu Dhabi

Participants highlight need for support in making amendments to implement VAT

The two-day second annual meeting for undersecretaries of Arab Ministries of Finance, hosted by Abu Dhabi and organised by the Arab Monetary Fund in collaboration with the Ministry of Finance has concluded.

The meeting was headed by Mona Al Sayed Esmail Abou Haraz, undersecretary of the ministry of finance in Sudan, and attended by undersecretaries in Arab countries and experts from the International Monetary Fund (IMF) and World Bank as well as the Arab Monetary Fund.

IMF presentation

The IMF made a presentation on the “Reformation of the Pricing of Energy in Arab Countries”, and later held discussions affirming the importance of the efforts in support of energy to strengthen the economic situation.

Comments on IMF paper

The participants, who included the undersecretaries of Ministries of Finance in the UAE, Algeria, Bahrain, Oman, Qatar, Egypt, and Morocco, gave their comments on the IMF paper which will be submitted to the Council of Arab Ministers of Finance.

The World Bank made a presentation about the “Efficiency of General Investments in Arab Countries: Opportunities and Challenges” and confirmed the discussions on structural and legislative reforms which will strengthen the efficiency of investment and result in a better livelihood and provide more job opportunities.

Tax policies

The participants discussed Tax reforms in Arab countries, and the Arab Monetary Fund presented a study on participating countries, which discussed the different systems and tax policies in Arab countries.

The meetings also discussed application of Value Added Tax (VAT) and the challenges and opportunities it presents to Arab countries. The Arab Monetary Fund also presented a case study where VAT had been applied in Arab countries.

Experience with VAT

The undersecretaries of finance of the UAE, Saudi Arabia, Sudan and Egypt discussed their respective countries’ experiences with VAT.

The participants highlighted the need for technical support and the help of Arab countries to make proper amendments in implementing VAT.

At the meeting, the assistant secretaries of finance of the UAE, Algeria, Saudi Arabia and Egypt discussed their countries’ experiences in designing strategies and policies to diversify their economies.