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Saturday, 23 July 2016

UAE Ministry of Finance reviews IMF report |

UAE Ministry of Finance reviews IMF report |

"The Ministry of Finance (MoF) has reviewed the International Monetary Fund’s (IMF) Article IV Mission to the UAE report, which evaluates the UAE’s economic performance in 2016. The Executive Board of the IMF discussed the report during its last meeting, praising the country for its UAE Vision 2021, government strategies and ability to achieve economic growth. The report highlighted the strength and resilience of the UAE’s economy amid low oil prices and global economic changes. The IMF Mission visited MoF in June 2016, playing a key role in identifying the Ministry’s achievements in the implementation of prudent financial policies and solid economic methodology to drive sustainable economic growth in the UAE.

During its last meeting with the IMF’s Article IV Mission, MoF highlighted the important role played by its diverse economic and financial policies in enhancing the local economy’s ability to withstand economic pressures, maintain economic stability as well as facilitate sustainable economic growth in the country. The Ministry also discussed the implementation of important reforms including the removal of fuel subsidies and laying foundations for the introduction of VAT.

The UAE’s economy is projected to grow by 2.3 per cent in 2016, with inflation set to decrease by 3.3 per cent. The country’s currency will remain stable thanks to the financial decisions, policies and reforms implemented by government entities with regards to reducing the UAE’s dependency on oil revenues, transferring the capital to government-related entities and raising water and electricity charges."

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