IMF Conference

Registration

Opening Remarks:

Mr. Abdulrahman A. Al Hamidy, Director General Chairman of The Board, Arab Monetary Fund

H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy was appointed Director General and Chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF), effective March 5th, 2014. In addition, with his appointment, Dr. Al Hamidy also holds the position of Chief Executive and Chairman of the Board of Directors of the Arab Trade Financing Program (ATFP), a subsidiary of the AMF.
H.E. Dr. Al Hamidy, a Saudi national, holds a PHD in Economics from the University of Oregon, U.S.A. He served as Vice-Governor at Saudi Arabian Monetary Agency over the period 2009-2013, and as Executive Director in the Arab Monetary Fund over the period 2003-2013. He also represented Saudi Arabia in the meetings of the Deputies of the IMF and the G20.

H.E.Obaid Homaid Al-Tayer, Minister of Finance, UAE

H.E. Obaid Humaid Al-Tayer is Minister of State for Financial Affairs of the UAE. He has held senior positions at the Dubai Chamber of Commerce and Industry, as its Chairman from 2000 to 2008. H.E. Al Tayer is a highly regarded entrepreneur and businessman, and is Chairman of the reputed Al-Tayer Group of Companies, a diversified conglomerate with interests in automotive, contracting, distribution, publishing, retail, and services with operations in the GCC.

Keynote Speaker:

Mme Christine Lagarde, Managing Director of the International Monetary Fund

Born in Paris in 1956, Christine Lagarde completed high school in Le Havre and attended Holton Arms School in Bethesda (Maryland, USA). She then graduated from law school at University Paris X, and obtained a Master’s degree from the Political Science Institute in Aix en Provence.
After being admitted as a lawyer to the Paris Bar, Christine Lagarde joined the international law firm of Baker & McKenzie as an associate, specializing in Labor, Anti-trust, and Mergers & Acquisitions. A member of the Executive Committee of the Firm in 1995, Christine Lagarde became the Chairman of the Global Executive Committee of Baker & McKenzie in 1999, and subsequently Chairman of the Global Strategic Committee in 2004.
Christine Lagarde joined the French government in June 2005 as Minister for Foreign Trade. After a brief stint as Minister for Agriculture and Fisheries, in June 2007 she became the first woman to hold the post of Finance and Economy Minister of a G-7 country. From July to December 2008, she also chaired the ECOFIN Council, which brings together Economics and Finance Ministers of the European Union.
As a member of the G-20, Christine Lagarde was involved in the Group's management of the financial crisis, helping to foster international policies related to financial supervision and regulation and to strengthen global economic governance. As Chairman of the G-20 when France took over its presidency for the year 2011, she launched a wide-ranging work agenda on the reform of the international monetary system.
In July 2011, Christine Lagarde became the eleventh Managing Director of the IMF, and the first woman to hold that position.
Christine Lagarde was named Officier in the Légion d'honneur in April 2012.

Theme 1: Macro-Fiscal Challenges—Learning to Live with Cheaper Oil (10:15 am - 13:15 pm)

This session will examine recent fiscal developments in the Arab region in the context of broader global developments. The intensifying conflicts and depressed international oil prices have affected the region’s oil exporters. Proper use of fiscal buffers and financing options were used to mitigate the adverse impact, but were followed by significant challenges in rebuilding buffers. What is the appropriate fiscal framework for oil exporters going forward given the volatile and unpredictable oil prices, which are also subject to long-lasting shocks? The region’s oil importers have benefited from lower oil prices, and improved euro area growth. However, greater momentum is held back by continued spillovers from conflicts, security risks, and social tensions. What are the policy options to address persistently high unemployment, low living standards, and limited inclusiveness?

Session 1: Recent Economic Developments and Outlook

H.E. Anas Khaled Al Saleh, Deputy Prime Minister, Minister of Finance, Kuwait

Anas K. Al Saleh has been serving as Deputy Prime Minister since January 2015 and Minister of Finance since January 2014. He is also currently the Chairman of Kuwait Investment Authority. He was the chairman of foreign investment capital committee, and also served as minister of commerce and industry from February 2012 to January 2014. He completed a Bachelor Degree in Business, Finance, at Portland State University 1997.
Prior to ministry he worked in the private sector and was board member of Kuwait Chamber of Commerce and Industry (KCCI) from 2006-2012, member in the Board of Directors for Al-Deera Holding Co. (K.S.C.) from 2004-2006, Vice Chairman for Kuwait Invest Co. (K.S.C.) from 2006-2010, and Member in the Board of Directors in Financial Services Group Co. (K.S.C.C.) from 2000-2003.He was also a member in the Board of Directors for Jeezan Real Estates Co. (K.S.C.C) from 1997-2003. He held the title of CEO for EFG-Hermes IFA Co. (K.S.C.) from 1997-2010, and Chairman of IFA Securities (Brokerage Company) in U.A.E. from 2006-2010.

Keynote Speakers: 

Mr. Masood Ahmed, Middle East & Central Asia Department, International Monetary Fund (25 minutes)

Masood Ahmed has been Director of the Middle East and Central Asia Department since November 1, 2008. He obtained his graduate and post-graduate degrees in Economics from the London School of Economics, where he also served on the economics faculty. He was born and brought up in Pakistan.
Before taking up this position, Mr. Ahmed was the Director of the External Relations Department in the IMF since May 1, 2006.
Between 2003-06, Mr. Ahmed served as Director General for Policy and International Development at the UK Government's Department for International Development (DFID).
Between 2000-03, Mr. Ahmed was Deputy Director in the IMF's Policy Development and Review Department. In this role, he served as the senior staff focal point for taking forward the IMF's policy work in support of low income member countries and its relationship with the World Bank and other development agencies.
Between 1979 and 2000, Mr. Ahmed held a number of positions in the World Bank. He worked for about 10 years on country programs and projects in different regions and, for a further 10 years, on international economic policy relating to debt, aid effectiveness, trade and global economic prospects. As Vice President for Poverty Reduction and Economic Management, Mr. Ahmed was the senior World Bank manager responsible for the development of the Poverty Reduction Strategy Paper approach as well as the HIPC Debt Initiative.
He also served concurrently for a year as Acting Vice President for Private Sector Development and Infrastructure.

Abdullah Dardari, Deputy Executive Secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA) (25 minutes)

A national of Syria, Mr. Al Dardari, holds a Bachelor of Arts degree in Economics from Richmond – American International University of London (1985), a Master of Arts degree in International Economic Relations from the University of Southern California (1988). He undertook post graduate studies towards a Master of Philosophy in International Relations at the London School of Economics and Political Science between 1988 and 1990. He also holds an honorary doctorate from Yalova University in Istanbul. Over the past three years, Mr. Dardari served as the Chief Economist and the Director of the Economic Development and Globalization Division (EDGD) at ESCWA.
Under his leadership the division supported Arab efforts to deepen regional economic integration, and assisted member states in designing policies that would lead to inclusive growth, job creation, and human security. Recent examples include support to National Development planning initiatives in the Kingdom of Saudi Arabia and the Hashemite Kingdom of Jordan, advisory services on trade and regional integration to member countries as well as the National Agenda for the Future of Syria Programme.
Before joining ESCWA, Mr. Al Dardari was Deputy Prime Minister for Economic Affairs from 2005 to 2011 and Minister of Planning and Chairperson of the State Planning Commission from 2003 to 2005. He also served as Assistant Resident Representative in the Syria office of the United Nations Development Program (UNDP) between 2001 and 2003. He began his career as a journalist at Al-Hayat, a pan-Arab daily. Mr. Al Dardari has over ten years of experience as lecturer on the subjects of economics and international relations at various international institutions.

Coffee Break

Session 2: Managing Oil Wealth—A Fiscal Framework for Uncertain Time

H.E. Abderrahmane Benkhalfa, Minister of Finance, Algeria

He is the former general delegate for the Algerian Association of Banks and Financial Institutions, and a former director of the Bank of Algeria. He is currently serving as the Algerian Minister of Finance, since 14 May 2015. He is also a member of the Finance and Credit Council at the Bank of Algeria.

Keynotes Speakers:

Abdelhak Senhadji, Deputy Director, Fiscal Affairs Department, IMF (30 minutes)

Raja Almarzoqi, President, Gulf Monetary Council (15 minutes)

Dr. Raja Bin Monahi Al-Marzoqi Al-Baqmi is a Saudi citizen, holding Ph.D. in Economics; and he had assumed a number of posts, the last of which was an Economic Advisor at the International Monetary Fund. He had also worked as a Plenipotentiary Minister at the Monetary Union Unit of the Secretariat General of the Gulf Cooperation Council. He has supervised and conducted many studies relevant to GMC, apart from undertaking many academic, advisory and supervisory posts.

General Discussion:  30 minutes

Lunch

Theme 2: Unlocking Revenue Potential (14:15 – 17:45)

This session will discuss how to enhance revenue mobilization, which is essential to support growth and improve the distribution of wealth and well-being through public spending. Tax revenues in the Arab region tend to be lower than other emerging market and developing economies (EMDCs). Moreover, the region’s tax revenues have been stable for the past two decades whereas tax revenues in EMDCs have increased. What can policymakers do to enhance revenue while improving growth and reducing inequities? Well-designed tax policy has an important role to play, alongside macroeconomic policies and structural reforms that promote growth and equitable access to socio-economic opportunities, including in countries that rely primarily on commodities revenue. Assuring strong compliance is also critical for fairness and state-building. Measuring and analyzing “compliance gaps” is a first step to addressing noncompliance.

Session 1: Fair Taxation in the Arab Countries

Chair:

H.E. Hany Kadry Dimian, Minister of Finance, Egypt

For twenty-four years, Mr. Dimian’s work duties have been closely associated with the economic policy and decision making processes in Egypt. Throughout the twenty four years, Mr. Dimian served at the Ministry of State for International Cooperation, the Ministry of State for Economic Affairs, the Ministry of Economy and Foreign Trade, the Ministry of Trade and the Ministry of Finance.
In March 2007, he was appointed as the Deputy Minister of Finance and held the position for more than five years. During his time at the Ministry, he established the Macro-Fiscal Policy Unit and contributed in a number of institutional modernization efforts. He was also in charge of the European Neighborhood Policy file; and the co-chairing of the EU-Egypt Economic Dialogue. Mr. Dimian also co-founded the Senior Budget Officials network for the MENA region with the OECD (MENA-SBO).
Mr. Dimian was appointed as the Chair of Deputies for the International Monetary and Financial Committee (IMFC) of the IMF, and designated as its deputy at the G20 while chairing the IMFC Communiqué drafting sessions. In 2012, Mr. Dimian was promoted to First Deputy Minister. He led the negotiations on the technical level with the International Monetary Fund (IMF) for potential economic programs, and succeeded in concluding two staff-level agreements.
Mr. Dimian holds a Masters of International Affairs (MIA) in Economic Policy Management from Columbia University in NY.

Keynote Speakers:

Mustapha Kara, Director, Economic and Technical Department, AMF (25 minutes)

H.E. Mahmoud Badr El-Din, Minister of Finance and Economic Planning, Sudan (15 minutes)

Mr. Alain Bifani, Director General, Ministry of Finance, Lebanon (15 minutes)

Mr. Bifani occupied senior positions at Arthur Andersen France, ABN/AMRO Bank Lebanon and Dubai, and Thomson Financial Bankwatch, and consulted for the United Nations Development Program (UNDP) in Lebanon. In 2000, he became the youngest director general in the Lebanese administration when he was appointed Director-General of the Lebanese Ministry of Finance, a position he still holds successfully to this date. He is a member of the Board of the Central Bank of Lebanon, a member of the Higher Court of Banks, a member of the Capital Markets Authority’s board, an appointed member of the International Monetary Fund, and has chaired the Group of 24 in 2002, 2003 and 2015.

Mrs. Habiba Louati, Director General of Studies and Tax legislation, Tunisia (15 minutes)

General Discussion:  20 minutes

Coffee Break

Session 2: Challenges in Revenue Mobilization: Improving Tax Compliance

Chair:

H.E Slim Chaker, Minister of Finance, Tunisia

H.E. Slim Chaker is the Minister of Finance for the Republic of Tunisia, a position he accepted in February 2015, after almost thirty years of public service. Prior to assuming his current position, he served most recently as Secretary of State for Tourism and then Minister of Youth and Sports.

Keynote Speakers:

Mr. Vitor Gaspar, Director, Fiscal Affairs Deptartment, IMF (30 minutes)

A Portuguese national, is Director of the Fiscal Affairs Department of the International Monetary Fund.
Prior to joining the IMF, he held a variety of senior policy positions in Banco de Portugal, including most recently as Special Adviser. He served as Minister of State and Finance of Portugal during 2011-2013. He was head of the European Commission’s Bureau of European Policy Advisers during 2007-2010 and director-general of research at the European Central Bank from 1998 to 2004. Mr. Gaspar holds a Ph.D. and a post-doctoral agregado in Economics from Universidade Nova de Lisboa; he also studied at Universidade Católica Portuguesa.

H.E. Moctar Djay, Minister of Economy and Finance, Mauritania (15 minutes)

Abdel-Moniem Matar, Head of Tax Authority, Ministry of Finance, Egypt (15 minutes)

General Discussion:  30 minutes

Dinner

Theme 3: Spending Efficiently (9:00–12:00)

This session will discuss the challenge of spending efficiently with a particular focus on public investment and subsidy reforms. Ensuring a fiscally sustainable increase in public investment requires transparent management of contingent risks and proper fiscal accounting of public-private partnerships (PPPs). Strengthening public investment management to support a more effective scaling up of public investment is essential. Arab countries spend a significant portion of their budgets on energy subsidies and are having increasing difficulty financing them. In addition to their fiscal cost, subsidies have been found to create distortions, discourage investment and provide insufficient support for the poor but any country seeking to reform subsidies will face resistance from those benefiting the most from the status-quo. Careful planning of the pace and breadth of reform, improving social safety nets to insulate the most vulnerable, and creating a social consensus around the need for reform can help mitigate these challenges.

Session 1: Strengthening Public Investment Management and Managing Fiscal Risks

Chair:

H.E. Monasser Al Quaiti, Minister of Finance, Republic of Yemen

Keynote Speakers:

Jim Brumby, Director of Governance Global Practice at the World Bank (30 minutes)

Abdulla Al Misnad, Director of Public Investment Management, Ministry of Finance, Qatar (20 minutes)

Nabil El-Jisr, President of the Council for Development and Reconstruction, Lebanon (20 minutes)

General Discussion:  20 minutes

Coffee Break

Session 2: Subsidy Reforms

Chair:

H.E.Obaid Homaid Al-Tayer, Minister of Finance, UAE

Keynote Speakers:

Mr. Zeine Zeidane, Middle East and Central Asia Deptartment, IMF (25 minutes)

H.E. Izzeddin Kanakrieh, Secretary of Ministry of Finance, Jordan (15 minutes)

H.E. Idriss El Azami Al Idrissi, Minister Delegate for the Budget, Ministry of Finance, Morocco (15 minutes)

H.E. Hamad Al-Bazie, Vice Minister of Finance, Saudi Arabia (15 minutes)

General Discussion:  20 minutes

Coffee Break

Roundtable Discussion

Moderator:

Mr. Abdulrahman A. Al Hamidy, Director General Chairman of The Board, Arab Monetary Fund

H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy was appointed Director General and Chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF), effective March 5th, 2014. In addition, with his appointment, Dr. Al Hamidy also holds the position of Chief Executive and Chairman of the Board of Directors of the Arab Trade Financing Program (ATFP), a subsidiary of the AMF.
H.E. Dr. Al Hamidy, a Saudi national, holds a PHD in Economics from the University of Oregon, U.S.A. He served as Vice-Governor at Saudi Arabian Monetary Agency over the period 2009-2013, and as Executive Director in the Arab Monetary Fund over the period 2003-2013. He also represented Saudi Arabia in the meetings of the Deputies of the IMF and the G20.

Speakers:

H.E. Hany Kadry Dimian, Minister of Finance, Egypt

For twenty-four years, Mr. Dimian’s work duties have been closely associated with the economic policy and decision making processes in Egypt. Throughout the twenty four years, Mr. Dimian served at the Ministry of State for International Cooperation, the Ministry of State for Economic Affairs, the Ministry of Economy and Foreign Trade, the Ministry of Trade and the Ministry of Finance.
In March 2007, he was appointed as the Deputy Minister of Finance and held the position for more than five years. During his time at the Ministry, he established the Macro-Fiscal Policy Unit and contributed in a number of institutional modernization efforts. He was also in charge of the European Neighborhood Policy file; and the co-chairing of the EU-Egypt Economic Dialogue. Mr. Dimian also co-founded the Senior Budget Officials network for the MENA region with the OECD (MENA-SBO).
Mr. Dimian was appointed as the Chair of Deputies for the International Monetary and Financial Committee (IMFC) of the IMF, and designated as its deputy at the G20 while chairing the IMFC Communiqué drafting sessions. In 2012, Mr. Dimian was promoted to First Deputy Minister. He led the negotiations on the technical level with the International Monetary Fund (IMF) for potential economic programs, and succeeded in concluding two staff-level agreements.
Mr. Dimian holds a Masters of International Affairs (MIA) in Economic Policy Management from Columbia University in NY.

H.E.Monasser Al-Quaiti, Minister of Finance, Yemen

H.E. Moctar Djay, Minister of Economy and Finance, Mauritania (15 minutes)

H.E. Ali Shareef Al Emadi, Minister of Finance, Qatar

Extensive experience in the financial sector spanning over 20 years, with progressively higher posts culminated in being the GCEO of QNB from 2005 to 2013. Under his leadership, QNB Group became the largest and most profitable bank in the Middle East and North Africa, with the highest brand value and having one of the highest credit ratings. Earlier, he started his career at the Banking Control Department at Qatar Central Bank.

H.E. Idriss El Azami El Idrissi, Minister Delegate For the Budget, Ministry of Finance, Morocco

Concluding Remarks by Vitor Gaspar, Director, Fiscal Affairs Department, IMF

Lunch