Lagarde commends UAE for its sound fiscal strategy

The UAE has set up a unit to strengthen its fiscal policies and will also produce its fiscal stress test this year with the help of International Monetary Fund (IMF), it was disclosed in Dubai on Saturday.
"The UAE is rolling out a fiscal risk management project - with the IMF's help - and will produce its first fiscal stress test this year," Christine Lagarde, managing director, IMF said while speaking at the Fourth Arab Fiscal Forum in Dubai.
She noted that UAE along with some other regional countries, including Saudi Arabia, Kuwait, Sudan, and Lebanon, have all set up macro-fiscal units, which is a useful first step in strengthening the fiscal framework.
Lagarde hailed the UAE and other regional countries' initiatives to strengthen fiscal reforms but also called for taking further actions especially on the public debt, controlling project funding by the sovereign wealth funds and shifting rapidly towards renewable energy over the next few decades.
Obaid Al Tayer, UAE Minister of State for Financial Affairs, also addressed the forum earlier in the day.
The forum was held a day ahead of the opening of the World Government Summit at Madinat Jumeirah where dozens of leaders from around the world and more than 4,000 dignitaries from 140 countries will take part and address the summit.
Lagarde pointed out that vision is predicated on prosperity and that should be shared by all with inclusive growth. She hailed the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
"The bigger your vision, the bigger your achievement will be.we cannot let fear keep us small. We have to be brave to be big," Lagarde said, taking a quote from Sheikh Mohammed's speech.
waheedabbas@khaleejtimes.com

• Dubai