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Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum attended today a session titled “Using the Global Recovery to Create a Fairer World” as part of the World Government Summit 2018 (WGS) in Dubai.
Speaking at the session, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), identified key structural reforms that need to be implemented to avert future crises. Lagarde highlighted the importance of economic reforms, transforming business practices through innovation, and developing the culture of societies.
The session was attended by Deputy Ruler of Dubai His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum; Crown Prince of Ras Al Khaimah His Highness Sheikh Mohammed bin Saud Al Qassimi; Deputy Prime Minister and Minister of Interior Lt. General H.H His Highness Sheikh Saif bin Zayed Al Nahyan; Deputy Prime Minister and Minister of Presidential Affairs His Highness Sheikh Mansour bin Zayed Al Nahyan, Chief of Abu Dhabi Crown Prince Court His Highness Sheikh Hamed bin Zayed Al Nahyan, and Minister of Cabinet Affairs and the Future and Chairman of the WGS H.E. Mohammed Abdullah Al Gergawi.
In the session moderated by Richard Quest of CNN, Lagarde underlined the importance of developing market systems in cooperation with established international institutions rather than pursuing advice from independent entities that lack experience. The IMF top executive also called for focusing on implementing financial reforms, noting that the recent setback in stock markets around the world was an anticipated correction.
Furthermore, Lagarde assured the audience that the global economic outlook is positive and that opportunities exist for governments to ensure economic recovery given that authorities move to the regulation of activities, not entities. Lagarde praised the reforms carried out in the United Arab Emirates and called for other countries to follow suit, citing the introduction of value added tax (VAT) as a necessary approach to sustaining continued development in infrastructure and healthcare sectors.
Lagarde repeated that reforms are necessary to build stronger economies and generate more job opportunities. She called upon authorities to benefit from the experiences of international civil society organisations in the decision-making process.
Highlighting an important segment of society, Lagarde said that world governments need to give attention to youth as they constitute around 60% of the world population. She added that investing in youth is investing in the future. She called for allocating a percentage of the countries’ Gross Domestic Product (GDP) to support youth initiatives and rehabilitation programmes.
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