ABU DHABI: The 3rd annual meeting of the Arab Finance Undersecretaries began at Sofitel Hotel in Abu Dhabi, United Arab Emirates (UAE) on Wednesday under the chairmanship of the Sultanate, which is chairing the presidency of the current session of the Arab Finance Ministers Council. The meeting is presided over by Nasser bin Khamis al Jashmi, Under-Secretary of the Ministry of Finance. Dr Abdul Rahman bin Abdullah al Hamidi, Director General, Chairman of the Board of Directors of the Arab Monetary Fund (AMF) hailed the structural reforms carried out by Arab countries, which decreased the power subsidy from $117 billion in 2015 to about $ 98 billion in 2017.
The two-day meeting discusses the subsidy system reform policy in the Arab countries and sharing of experiences in this area. The meeting focuses on the importance of enhancing the wages efficiency system and reducing its bill for the Arab countries as this will ensure better control on the public spending especially at a time the Arab countries are facing challenges with the growing debt levels, creating financial space to enhance investment spending on infrastructure and social protection activities, such as education and health. — ONA
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