Arab finance ministers urges more financial, economic reforms

The Arab Finance Ministers commended today in their communique the initiative, presented by the UAE to the extraordinary meeting, on supporting the economic stability of the Arab region. According to the communique, which was carried by the UAE news agency WAM, they called for more economic and financial reforms with the participation of the national, regional and international corporations. The ministers called for finding a clear mechanism for following up the reforms, urging the local, regional and international agencies to support the proposals and projects referred to in the UAE initiative. They underlined that the crises and events seen in some Arab countries require comprehensive tackling of issues of unemployment and review of implementation of some policies of sustainable development, creation of jobs for all community categories, indicating that multi- structural policies should be adopted for short and long terms to effect reformations that lead to enhancement of living standards. The communique focused on tackling the socio-economic issues to maintain stability and encourage development. It also called for inter-Arab countries'' investment. UAE State Minister for Financial Affairs Obaid Al Tayer said at press conference that the extraordinary meeting of Arab Finance Ministers was held to get briefed about the report of International Monetary Fund on the current financial situation of the Arab region and report of the Economic Cooperation Organisation regarding transparency and taxation system. On unfreezing the Libyan financial assets, he said the UAE coordinates with United Nations on this regard, and supports the international body''s decision on the issue.