A new federal law has been drafted, based on the federal government?s role in supporting and developing the public debt market, Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, commented at a public debt management conference held in the capital.
He said, in line with the Council of Ministers directives, the Ministry of Finance has begun establishing a public debt management office to develop debt management strategies.
?MoF seeks to provide effective public debt management to enhance public finances in the national economy. It will carefully monitor and assess risks contained in the structure of government debt and will suggest strategies to mitigate those risks?, he said.
He further spoke about the financial and economic aspirations of UAE as well as the federal government?s plan to develop a domestic market for government securities.