UAE, IMF develop frameworks for partnership in development of economic policies

Abdullah bin Touq Al Marri, Minister of Economy, has held a virtual meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund, IMF, with the aim of discussing an integrated partnership between the UAE and IMF to develop and analyse economic policies.

Moreover, the partnership focuses on drawing comparisons between macroeconomic models; formulating scenarios and forecasting growth trends; and developing and qualifying national talents in these fields.

Al Marri said, "Under the guidance of the UAE's wise leadership, the country is currently working towards building a new economic model that serves its future vision. From this standpoint, the efforts to develop national capabilities in the field of economic policies, analysis of economic trends, and anticipating their future is on top of our priorities. Qualified and capable national talents will have a major role in achieving this ambitious development vision."

He continued that the establishment of a long-term partnership with IMF and benefiting from its global expertise and practices would add significant value to the Ministry's economic research and analysis tools, in addition to qualifying people and developing Emirati talents’ capabilities in this field.

During the meeting, he further elaborated on the UAE’s efforts to deal with the pandemic’s impact and its response to the related challenges through swift and decisive policies with regard to the areas of health and economy. He explained that the country is keen to continuously evaluate the measures and procedures and to explore best practices that would support the efforts to drive economic growth, and enhance flexibility in dealing with the challenges posed by the global pandemic in the medium and long term.

Al Marri confirmed that the UAE's priorities are to accelerate economic recovery and shift to a new economic model based on technological advancements and Fourth Industrial Revolution’s applications. The UAE government is currently in the process of designing and launching specific initiatives to drive this transformation, and partnerships with leading international organisations such as the IMF are important to support the government’s efforts.

Kristalina Georgieva commended the distinguished model presented by the UAE for governments and other economies in the region with regard to the way it managed the global crisis, the speed of its response and its efforts to contain its impact on the health and economic sectors.

She underscored the importance of developing capabilities of governments in the field of information analysis within set timeframes to enhance government performance and build effective and rapid response policies. She welcomed the opportunities for cooperation with the UAE in the development of economic policies and models during the next phase.

She highlighted that this significant partnership between the UAE and IMF is another example of pioneering measures taken by the UAE as a model for governments and countries in the region.