There are no fears of the decline in oil prices on the state’s finances

The Undersecretary of the Ministry of Finance, Younis Haji Al -Khoury, stressed that there are no concerns that oil prices have decreased on the finance of the UAE or the impact of the public budget, adding: “We have been accustomed to years ago in the Emirates budget to spare backup money to face any crises, and so far there is no concern.”

In response to questions to «Emirates Today», on the sidelines of the Financial Media Forum under the slogan “The future of the financial sector .. between influence and responsibility”, which was organized by the Ministry of Finance in Dubai today – that “during the past years the implementation of the state’s budget was balanced or with surpluses, and there was no need for the reserves established,” noting that “oil prices are currently witnessing fluctuation, but there is nothing that requires resorting to reserves at the time The current ».

Al -Khoury added: “When we issued the Public Religion Law, the goal was not to borrow from the external market to spend on development projects, or to pump the returns of these bonds into public finances, but with the aim of building confidence in the UAE, in addition to the importance of these bonds for external investors.”

He continued: “We followed the highest standards of transparency at each sovereign version, and we started with the bonds denominated in dollars, then the bonds were followed by dirhams, to build a return curve that enables the private sector to benefit in the future.”

Al -Khoury said: “We have previously announced that the returns of bonds invested in the UAE in other assets, and no part of it was directed to development projects or spending on public finances.” He pointed out that the Emirates’s good relations with all countries contributed greatly to the expansion of its investments in various sectors.

He stated that the entire amount included in the bonds denominated in dollars scheduled for advance by the Council of Ministers has been exhausted, pointing out that if more versions are needed in the future, then this will be announced.

The role of the media

In a statement issued by the Ministry of Finance on the occasion of the meeting, the Minister of State for Financial Affairs, Muhammad bin Hadi Al -Husseini, said that “the organization of the Financial Media Forum in its second edition comes as one of the strategic initiatives aimed at documenting the link between the financial system and the national media, based on our belief in the pivotal role of the media in supporting financial awareness, and transferring policies clearly to the public.”

He added: «The forum represents an important dialogue platform for the exchange of visions and experiences, and the anticipation of the future of the financial sector, and a deeper understanding of challenges and opportunities, in a framework of transparency and professionalism that keeps pace with the aspirations of our country in financial and economic leadership, as this comes in line with our keenness to enhance financial awareness among different groups of society, as it is an essential pillar of building a rational financial behavior that supports sustainability and financial inclusion.

Simplify financial concepts

For his part, the Secretary -General of the Emirates Media Council, Mohammed Saeed Al -Shehhi, said during his opening speech at the forum that the media has become a major focus in supporting financial culture and enhancing economic empowerment, in light of the rapid transformations in the tools of influence, and the public’s transition from traditional means to an interactive digital environment, led by digital platforms and content makers, and stressed that “the financial culture has become a life necessity that enables individuals to understand their rights, And taking conscious decisions that enhance their economic stability and contribute to building their future with confidence, and here the importance of the media is evident in simplifying financial concepts and transferring them in a language close to people, reaching various groups of society. “He added:” We are working to enable content makers to be real partners in developing an influential media system. “

Urgent

In turn, the Acting Director General of the Emirates News Agency (WAM), Mohamed Ibrahim Al Hammadi, delivered a president, in which he affirmed that the Financial Media Forum is an important step to consolidate the concepts of financial awareness as a national priority and a common responsibility between various institutions, especially the media.

He said that «financial awareness has become an urgent necessity in light of the rapid changes in the world, whether at the level of markets, financial policies or digital transformation, which requires keeping pace with these transformations and the continuous flow of numbers and financial data, by upgrading the level of financial understanding through awareness and education programs, and simplifying financial concepts, which is an inherent role for various institutions and media platforms.

Financial transparency

In his opening speech to the Financial Media Forum, the Undersecretary of the Ministry of Finance, Yunus Haji Al -Khoury, stressed in his opening speech to the Financial Media Forum, with the participation of a group of government and media leaders, and more than 100 media professionals, students and experts in the financial and economic affairs – the Ministry’s firm commitment to financial transparency, and the importance of enhancing cooperation with various sectors, to achieve sustainable economic growth in the UAE. He said that the convening of the forum – in light of the rapid global economic transformations – reflects the government’s keenness to develop its tools, and to foresee the financial future with clear scientific foundations, in line with the vision of the wise leadership and the aspirations of the state.

He added that the Ministry of Finance starts in its work from a comprehensive strategic vision based on financial sustainability, raising the efficiency of government spending, enhancing financial integration, and developing flexible legislation.