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Cabinet reviews memo on IMF report
ABU DHABI - International Monetary Fund (IMF) experts commended the good performance of UAE’s economy, which they said was attained by virtue of the liberal economic sector, the advanced infrastructure, market-oriented development strategy and diversification of income sources.
A memorandum on a report recently submitted by the IMF experts was viewed by the Council of Ministers in its weekly meeting yesterday.
Shaikh Sultan bin Zayed Al Nahyan, deputy prime minister, presided over the cabinet meeting, which was held in the presence of Sheikh Hamdan bin Zayed Al Nahyan, deputy prime minister and minister of state for foreign affairs.
The experts’ report on the overall economy and financial and monetary policies of the UAE, indicated that the sound economic performance of the country in 2003 was influenced by high oil prices and output. According to the report, UAE has posted a growth rate of 7 per cent in gross domestic product as financial reliance on oil revenues has surged from 62 per cent to 96 per cent for the foregoing year.
On the practiced financial and monetary policies, the report said growth rate had increased as inflation had shrunk and general finance and foreign current account attained large surpluses.
The meeting approved a memo on UAE joining the international convention for the protection of new varieties of plants and gave its nod to the promulgation of legislation to this effect.
The cabinet further examined a note on the annual meeting of the board of governors of the Islamic Development Bank recently held in Iran and during which the UAE had presented a proposal to set up an Islamic agency that could be responsible for the development and promotion of inter-Islamic countries’ trade. UAE has also offered to host the headquarters of the aforesaid agency.
The cabinet then reviewed the outcome of the extraordinary session of the Arab socio-economic council held this month in Egypt.
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