Abu Dhabi - Mubasher: Arab countries are continuing to implement number of structural reforms that contribute to controlling their finances, according to the chairman of the Arab Monetary Fund (AMF).
“Arab oil-exporting countries are proceeding with a strategy aimed at supporting non-oil sector growth, economic diversification and subsidy system reform,” Abdulrahman bin Abdullah Al Hamidy said in his speech on the sidelines of the first Arab fiscal forum, themed “Fiscal Policy and Growth”, held in Abu Dhabi.
Al Hamidy added that the decline in global oil prices helped in easing financial imbalances of Arab countries, while the opportunities to enhance these countries growth is linked to their ability to continue structural reforms.
Arab economies are facing major challenges mainly the regional developments, oil prices decline and global economic slowdown, according to the official.
He explained that the Arab region needs to raise the growth rates by 5 to 6% per annum in order to reduce unemployment rate.
