## United Arab Emirates: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates

_IMF Staff Country Reports, October 16, 2007_

## Source details

**Canonical URL:** [United Arab Emirates: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the United Arab Emirates](https://www.imf.org/en/publications/cr/issues/2016/12/31/united-arab-emirates-2007-article-iv-consultation-staff-report-staff-statement-public-21402)

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## Bibliographic details
- Published: October 16, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451801170.002

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### Overview
- The 2007 Article IV Consultation on the United Arab Emirates (UAE) examines the near- and medium-term outlook, inflation, and fiscal policy.
- The rapid expansion is supported by an outward-oriented development strategy and sustained high oil prices.
- Reforms are under way to:
  - strengthen the prudential and regulatory oversight of the banking system and the capital markets;
  - open the banking sector to greater competition; and
  - strengthen the legal framework for the financial sector.
- Executive Directors agreed that the key challenges will be to ensure sustained noninflationary growth and further diversification of the economy.

### Near- and Medium-Term Outlook, Inflation, and Fiscal Policy
- Focus areas of the consultation:
  - near- and medium-term economic outlook;
  - inflation developments; and
  - fiscal policy stance.
- Growth drivers identified:
  - outward-oriented development strategy;
  - sustained high oil prices.

### Financial Sector Reforms
- Ongoing reforms highlighted:
  - strengthen prudential oversight of the banking system;
  - strengthen regulatory oversight of the capital markets;
  - increase competition in the banking sector by opening it to greater competition;
  - strengthen the legal framework governing the financial sector.

### Policy Challenges and Recommendations
- Key challenges agreed by Executive Directors:
  - ensure sustained noninflationary growth;
  - further diversify the economy away from oil dependence.

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-arab-emirates-2007-article-iv-consultation-staff-report-staff-statement-public-21402_