The launch of the second Sharjah Prize in Public Finance Forum in Istanbul
ISTANBUL, June 10, 2017 (WAM) – The second public finance forum for the Sharjah Prize in Public Finance, organized by the Sharjah Prize in Public Finance in cooperation with the Arab Administrative Development Organization – League of Arab States, was launched in the Turkish capital, Istanbul, today, under the slogan “Public Finance in the Face of Global Crises: Strategic Visions – Challenges of the Present – Prospects for the Future,” with the participation of an elite group of Their Excellencies, ministers, senior government officials, experts, academics, and specialists in the fields of public finance and economics from various Arab countries.
The holding of the forum comes in light of the rapid international economic changes and the growing financial and economic challenges facing governments around the world, to form a high-level Arab platform for dialogue and the exchange of expertise, experiences and best practices in the field of public finance, which contributes to enhancing the readiness of Arab countries to confront global crises and supporting efforts for financial stability and economic sustainability.
Dr. Nasser Al-Hattlan Al-Qahtani, Director General of the Arab Organization for Administrative Development at the League of Arab States, stressed in the opening session of the forum the importance of strengthening Arab cooperation and integration in the field of public finance and expanding the scope of the exchange of experiences and knowledge between Arab financial and economic institutions in a way that contributes to building more efficient and flexible financial policies and the ability to adapt to rapid global economic changes, stressing the importance of developing government financial management systems, consolidating the principles of governance and transparency, and benefiting from successful experiences and practices in building balanced financial policies capable of keeping pace with the requirements of development and achieving Optimal use of public resources to reflect positively on government performance and comprehensive development in Arab countries.
Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Central Finance Department and Secretary-General of the Sharjah Award in Public Finance, said that the second forum of the Sharjah Award in Public Finance embodies the award’s commitment to its cognitive and developmental role in supporting the process of developing government financial management and enhancing the efficiency of financial policies in Arab countries.
He pointed out that the forum represents a specialized Arab platform that brings together decision-makers, experts, academics and practitioners in the field of public finance with the aim of exchanging visions and successful experiences and discussing the most prominent issues that concern governments today, most notably enhancing financial sustainability, raising the efficiency of public resource management and developing tools to respond to global economic and financial crises. We at the Sharjah Award in Public Finance believe that investing in knowledge and exchanging experiences constitute a basic foundation for developing government financial policies and supporting sustainable development paths.
He added: We are proud of the award’s growing Arab presence as a model of excellence in the field of public finance. Through the forum, we seek to contribute to building effective knowledge and institutional partnerships and enhancing cooperation between Arab financial and economic institutions in a way that supports the adoption of international best practices and improves the efficiency of government financial performance to achieve sustainable economic development capable of keeping pace with the challenges of the present and anticipating the opportunities of the future.
The opening session witnessed the honoring of a number of participating personalities and entities in appreciation of their contributions to the development of public financial management.
The first main session discussed a number of strategic topics related to the impact of global crises on public finances and ways to enhance the ability of governments to respond to current economic challenges. The session included a presentation by His Excellency Dr. Samir Radwan, former Minister of Finance of the Arab Republic of Egypt, in which he addressed the role of financial policies in confronting global crises and mechanisms for enhancing the ability of governments to deal with increasing economic challenges and achieve a balance between financial stability and development requirements. Professor Mansour Ibrahim, Dean of the International Center for Education in Islamic Finance (INCEIF) and Professor and Vice President for Academic Affairs in Malaysia, also reviewed the topic. Sustaining and managing public debt in periods of economic uncertainty, highlighting the importance of long-term financial planning and raising the efficiency of managing government financial obligations.
His Excellency Yasser Sobhi, Deputy Minister of Finance of the Arab Republic of Egypt, also discussed the repercussions of crises and risks on public finances in Egypt and the Arab countries, while Dr. Gokhan Ereli, an academic researcher at Ibn Khaldun University in the Republic of Turkey, presented a reading about developments in the global economy and their repercussions on public finances in light of crises and disasters. The session concluded with an open discussion among the participants about the most prominent challenges facing public finance in the Arab region and the opportunities available to enhance its flexibility and sustainability.
The second session discussed a group of contemporary financial issues of increasing importance. Dr. Ahmed Shawqi, assistant professor of finance at the Islamic University in the American state of Minnesota and member of the Islamic Society for Islamic Finance, reviewed the role of sovereign sukuks in diversifying and sustaining public debt and managing it in periods of economic uncertainty and in light of crises and disasters, while Dr. Ipek Dedioglu from the Statistical, Economic and Social Research and Training Center for Islamic Countries (SESRIC) discussed global economic developments and their impact on selected Arab economies from the Organization of Islamic Cooperation countries.
The session discussed the topic of public finance in light of global financial crises: opportunities, risks, and the roles of Arab governments, presented by Professor Hazem Marashdeh, Head of the Department of Accounting and Financial Sciences at the College of Business Administration at Abu Dhabi University. He reviewed the opportunities offered by economic and technological changes to Arab governments and the challenges associated with managing public resources during periods of crises. Suleiman Abdullah, Director of the Administrative Affairs Department at the Federal Tax Authority in the United Arab Emirates, also addressed the importance of strategic partnerships between the public and private sectors in supporting financial resources and enhancing the efficiency and sustainability of public finances.
The forum will continue its work tomorrow through a series of specialized workshops that address a number of vital topics, including supporting the efficiency of public budgets, managing public debt, tools for flexibility and financial response in times of crises, the role of financial policies in mitigating the effects of global crises, and enhancing the principles of governance and transparency in public financial management, in addition to reviewing global practices in disclosing financial sustainability in accordance with international standards. The forum’s work will conclude with a closing session that includes a review of the most prominent recommendations and results reached by the participants, which contributes to supporting efforts to develop government financial policies and enhance their sustainability in Arab countries.
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