(MENAFN- Muscat Daily) Abu Dhabi- The third annual meeting of the Arab finance undersecretaries began at Sofitel Hotel in Abu Dhabi on Wednesday. This year's meeting is taking place under the chair of Oman, which is chairing the presidency of the current session of the Arab Finance Ministers Council.
The meeting is presided over by H E Nasser bin Khamis al Jashmi, Undersecretary in the Ministry of Finance. Dr Abdul Rahman al Hamidi, chairman of the board of directors of the Arab Monetary Fund (AMF), hailed the structural reforms carried out by Arab countries, which decreased their total power subsidy from US$117bn in 2015 to about US$98bn in 2017.
The two-day meeting is discussing the subsidy system reform policy in the Arab countries and sharing of experiences in the region. The meeting also focuses on importance of enhancing the wages efficiency system and reduce its bill for the Arab countries as this will ensure better control on public spending, especially at a time when Arab countries are facing challenges with the growing debt levels.
A number of Arab finance undersecretaries alongside with experts from the International Monetary Fund (IMF), the World Bank and the Organisation for Economic Co-operation and Development (OECD) are taking part in the meeting.
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