Arab Finance Ministers Call for Review of Procedures to Maintain Sustainability

Abu Dhabi: The Sultanate of Oman, represented by the Ministry of Finance, today took part in the Arab Finance Ministers’ 9th annual meeting held in Abu Dhabi, United Arab Emirates.

Organized by the Arab Monetary Fund, the meeting dealt with risks posed to finance policy amid regional and international developments. In this context, the ministers referred to setbacks to economic growth, a rise in the cost of funding, the emergence of green economy, transition towards clean and renewable energies, and government procedures linked to sustainability.

The meeting laid emphasis on the interaction between financial monetary policies and the extent to which it influences economic performance. The ministers discussed the role of financial policy in accommodating non-official economy, as well as taxation challenges arising from digitization.

The meeting explored the experience of different countries in their endeavours to consolidate social security networks, expand financial domains in view of current international developments and enhance the efficiency of government fiscal spending.

Oman’s delegation was headed by Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance.

The meeting was held in preparation for the 15th ordinary session of the Council of Arab Finance Ministers, scheduled to take place in May 2024.