The International Monetary Fund (IMF) Consultation Mission praised the UAE's prudent fiscal policy to support sustainable economic growth, at the end of its visit to the UAE from 23 October to 5 November, during which it reviewed the macroeconomic indicators and financial performance of the country. The most important achievements of the Ministry of Finance during the current year. Kochi Matai headed the Article IV Consultation Mission to the State.

The mission noted that the growth rate of the non-oil economy in the country may exceed 1% in 2019, and about 3% next year, to be the most growing period since 2016, due to the approaching date of the organization «Expo 2020 Dubai», and incentive initiatives that Pumped by the government, to boost the pace of economic growth in the state.

The report also predicts that gross domestic product (GDP) growth will rise to 2.5% next year. The mission noted the robustness of the financial sector, efforts to combat money laundering and the financing of terrorism, enhanced fiscal transparency and commended the Government's reforms to develop the non-oil economy.

The Minister of State for Finance, Obaid bin Humaid Al Tayer, said: “The IMF Article IV Consultation's praise affirms the progress and development of the country's macroeconomic economy, which is the result of continued prudent fiscal and monetary policy efforts and reflects the strength of our national economy and the ability to achieve "Sustainable economic and financial growth."

He added: “The UAE has implemented many structural reforms and strategic plans, and has made great efforts to improve the mechanisms of government financial work in accordance with the best international standards adopted. The Ministry of Finance is keen to strengthen the relationship and continuous communication with the mission of the International Monetary Fund, and we look forward to more meetings and meetings that help us to develop financial policies in accordance with international best practices ».

Saeed Rashid Al Yateem, Assistant Undersecretary for Resources and Budget at the Ministry of Finance, said: “The Ministry of Finance's keenness to meet with the IMF Article IV Consultation Mission stems from its belief in the importance of open economic dialogue and the importance of its recommendations to further develop and improve the mechanisms of financial work. Government in accordance with the best international standards adopted. We are working in the Ministry of Finance to discuss these recommendations with all concerned authorities in the State, to ensure unity of orientation and efficiency of implementation, which contributes to improve the competitiveness of the country at the global level ».

The meeting, which was held between the Ministry of Finance and MINURSO during its visit to the State, as a first stage prior to the issuance of the Mission's report, discussed, among others, the latest developments in fiscal policies on enhancing government revenues.

The Ministry presented a presentation on the federal budget and structure for 2019, including government spending frameworks and ratings, and the federal budget for 2020, which was approved by the Cabinet under the chairmanship of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the federal budget for 2020, With a total of 61.354 billion dirhams and no deficit, it is the largest since the founding of the state, in addition to the evaluation of the financial system and its implementation plan.

2.5

Expected GDP growth over the next year.

61.35

The budget of the federal budget for 2020 without deficit.