WAM Tunis, 8th Apr. 2014 (WAM) – Amidst global economy slump and current changes in the Arab region, financial institutions are demanded to address challenges facing comprehensive development, and tackle poverty and unemployment problems by using Arab resources and potentials, according to Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs.
In his welcome address at the annual joint meetings of the Arab financial institutions in Tunis today, Al Tayer commended the role these institutions play and called on them to maximise efforts and coordination to realise the ambitious aspired objectives, meet needs of Arab countries and bolster inter-Arab integration.
The UAE minister opened the meeting in the presence of interim Tunisian Prime Minister Mehdi Jomaa, Arab finance ministers and governors of Arab central banks.
Al Tayer referred to the UAE’s proposal which was approved by the Arab finance ministers’ meeting on 7th September 2011 in Sudan regarding support for economic stability in the Arab region.
The meeting of Arab financial institutions, he added, aims to share ideas on the latest regional and international developments. He called on them to benefit from the UAE proposal to double their efforts and improve their performance.
Interim Tunisian Prime Minister Mehdi Jomaa also addressed the two-day meeting, stressing that addressing current Arab challenges and delivery of overall economic development need a common, integrated developmental approach.
He hoped these agencies would establish joint projects, especially in social sectors, provide soft loans to the private sectors, qualify human resources in Tunisia.
Al Tayer is chairing the opening session of the annual meetings and will moderate the rest of the sessions which include meetings for the Arab Monetary Fund (AMF), Arab Fund for Economic and Social Development, Arab Bank for Economic Development in Africa, Arab Authority for Agricultural Investment ‘&’ Development and the Arab Investment and Export Credit Guarantee Corporation.
This year’s annual meetings will feature discussions regarding a number of topics related to the Arab financial institutions, including the annual performance reports, general plans for the current fiscal year and income and expenditure accounts, in addition to the institutions’ activities, programmes and future plans. The meetings will also feature the fifth session of the Council of Arab Ministers of Finance, where several topics will be addressed, including economic and financial conditions, the developments of the global economy, international efforts to establish global financial stability and the relationships between the Arab Group, International Monetary Fund (IMF) and the World Bank, in addition to the follow-up reports for the UAE’s initiative to support economic stability in Arab countries.