Highlights

The first day of the meeting was devoted to examining certain topics related to the current challenges facing Arab economies, through discussing the recommendations and conclusions of two studies presented by the International Monetary Fund and the World Bank on the risks of financial policy in the light of declining growth rates and the high cost of financing, the interaction between fiscal and monetary policies and the impact on economic performance. In addition, the Arab Monetary Fund made two presentations on the topics of Sovereignty-related instruments: Sustainability: opportunities and challenges for effective implementation, as well as aspects of the interaction between fiscal and monetary policies and the impact on economic performance.

The second day of the meeting also saw a review of Arab countries' experiences and efforts in various fields, including the role of tax policy in integrating the informal economy and efforts to strengthen social security networks. This event also addressed the options available to expand fiscal space in light of current international developments, in addition to Arab efforts to enhance the efficiency of public spending, as well as the constraints and repercussions posed by fiscal challenges arising from digitalization in Arab countries.

During this meeting, the Director made a presentation on the theme of expanding fiscal space in the light of current international developments, during which she reviewed our country's experience in this context, focusing on the evolution of public financial balances in recent years and the reforms undertaken to strengthen and expand fiscal space. The Director also made a number of parallel presentations, focusing mainly on elements of the Moroccan experience concerning the risks of financial policy in the light of declining growth rates and the high cost of financing, and the impact of the interaction between fiscal and monetary policies on economic performance.

On the other hand, representatives of the General Directorate of Taxes provided an overview of the most important aspects related to Morocco’s experience in terms of the role of fiscal policy in integrating the informal economy, as well as the Kingdom’s efforts to address the constraints and repercussions posed by the tax challenges arising from digitalization.

It should be noted that the meeting of the Council of the Arab Undersecretaries Finance Ministries was instituted at the invitation of the Council of Arab Finance Ministers at its meeting held in Kuwait in 2015, on the sidelines of the joint annual meetings of the Arab Financial Institutions. This meeting is organized annually under the supervision of the Arab Monetary Fund, which provides the technical secretariat for the Council. This event is attended by experts from the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development. It aims at improving opportunities for the exchange of experience and expertise between Arab finance ministries, coordinating financial policies between Arab countries, and discussing regional and international economic challenges and measures and the future steps to support economic growth in Arab countries and enhance investment opportunities in the Arab region.