Press Release No. 16/76

Press Release: Statement by IMF Managing Director Christine Lagarde at the End of her Visit to the United Arab Emirates

February 24, 2016

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of her visit to the United Arab Emirates (UAE):

“I would like to express my gratitude to the UAE authorities and people for welcoming me during my visit to Abu Dhabi and Dubai. During my visit I met with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Crown Prince of Dubai; His Highness Sheikh Hamdan bin Rashid Al Maktoum, Minister of Finance and Deputy Ruler of Dubai; His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority; His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman Dubai Supreme Fiscal Committee; His Excellency Obaid Humaid Al-Tayer, Minister of State for Financial Affairs; His Excellency Mubarak Al Mansoori, Governor of the Central Bank, and other officials. We had productive discussions about the global economy, the UAE economy, and prospects for the region.

“During my meetings, I commended the UAE authorities for having built large fiscal and external buffers, advancing economic diversification and, more recently, taking steps to address the consequences of the sharp drop of oil prices, notably the reform of fuel subsidies. At the same time, I highlighted the importance of pursuing gradual fiscal consolidation by raising non-oil revenues and fully phasing out energy subsidies, as well as the need to safeguard financial stability and to continue implementing growth-enhancing reforms.

“I had the pleasure of giving the keynote speech at the opening of the Arab Fiscal Forum jointly organized by the Arab Monetary Fund and the IMF. I stressed the importance of revenue mobilization and global cooperation on taxation, including by expanding scope and coverage of measures to address tax base erosion and profit shifting by international corporations.

“I also participated in the Global Women’s Forum in Dubai, where I enjoyed the opportunity to engage with representatives of the private sector and women leaders. Finally, I had an inspiring dialogue with students and young entrepreneurs at Zayed University. In all of these meetings, I was impressed by the country’s dynamism and determination to place the UAE among the most competitive countries in the world.

“The IMF enjoys a strong relationship with the UAE authorities, and the Fund will continue to help the country through policy advice and capacity development.”