Ministry of Finance explores financial strategies for a better future at WGS

The UAE Ministry of Finance concluded its participation in the World Government Summit (WGS) 2024, under the theme “Shaping the Governments of the Future”.

The event was attended by heads of state, government leaders, ministers, senior officials, decision makers, opinion leaders and a group of specialists in financial, economic and social affairs from various countries around the world.

The participation of the United Arab Emirates. Ministry of Finance in WGS 2024 reflects the UAE’s vision of leveraging financial policies for a better future for humanity by finding solutions to current and future challenges. Participation included various dialogues and specialized discussions at the global event.

The Ministry’s participation also included the signing of several partnership and cooperation agreements, participation in bilateral meetings with regional and international financial leaders and the organization of several specialized dialogue sessions to discuss prominent global financial and economic trends and exchange experiences and government practices. global. The objective was to contribute to realizing the UAE’s vision of developing the work of government and building a balanced and sustainable economy.

Besides, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Financelaunched the Buna Payments System operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO).

In line with its commitment to enhance strategic partnerships with various countries and the World Bank and expand joint cooperation frameworks in various economic and financial fields, the UAE, represented by the Ministry of Financesigned with him World Bank Group a second renewal agreement for the advisory services agreement payable between the United Arab Emirates and the International Bank for Reconstruction and Development, which serves as a framework for the technical support services agreements.

Furthermore, the Ministry of Financerepresenting the United Arab Emirates, signed agreements related to the promotion and protection of investments and the avoidance of double taxation, with each of the States of Kuwait, the Kingdom of Bahrain and other agreements with the Arab Republic of Egypt.

The day before the start of World Government Summit 2024 included the Eighth Arab Fiscal Forum, organized in partnership with the Arab Monetary Fund and the International Monetary Fund, under the theme “Designing more efficient and equitable fiscal policies to address debt vulnerabilities and future fiscal challenges in a world of constraints stricter financial policies.

In collaboration with the International Monetary Fund, the UAE Ministry of Finance It also hosted a high-level closed session titled “Climate Action by Promoting Sustainable Finance.”

During the second day of WGS 2024, the UAE Ministry of Finance held a public debate on international taxation in cooperation with the Arab Monetary Fund. The session also explored the mechanisms for implementing the principles of the BEPS project and how governments can strike a balance between protecting their local tax legislations while complying with global best practices.

The summit serves as a platform that brings together heads of state, government leaders and officials from international organizations. More than 4,000 participants from the public and private sectors will participate in 110 interactive sessions, including 200 speakers from 85 international, regional and intergovernmental organizations, including the United Nations, the World Bank, the International Monetary Fund, the World Health Organization and the International Atomic Energy Organization. Agency and the Arab League.

He WGS 2024 It witnessed the participation of eight Nobel laureates and provided a platform for 23 ministerial meetings with more than 300 ministers. In partnership with a select group of knowledge partners, the summit will launch more than 25 strategic reports, focusing on the most important practices and trends in vital sectors.

News source: Emirates News Agency