Fourth General Meeting of the Economic Policies Support Forum Discusses Financial Policy Principles

 


Abu Ghazaleh urges the Government to apply the International Accounting Standards in the Public Sector

AMMAN------ September 21, 2011 -------- The Talal Abu-Ghazaleh Graduate School of Business hosted the Fourth General Meeting of the Economic Policies Support Forum under the chairmanship of HE Dr. Taher Kanaan with the presence of the Honorary President of the Forum HE Dr. Talal Abu-Ghazaleh.

The meeting focused on discussing a memorandum on the guidelines and principles of the financial policy proposed to be adopted for the preparation of the fiscal budget for the year 2012. The memorandum reflects the point of view of the Forum which shall be presented to all stakeholders in the government.

An extensive discussion has taken place regarding all aspects of the recommendations proposed in the memo, in particular how to control the financial deficit and the application of the sound basic rules in calculating the budget deficit, as well as compliance with the debt ceiling and the sound calculation of the percentage of the public debt compared to GDP. Members of the Forum stressed the need to present these recommendations to the government as early as possible to assist it in preparing the 2012 budget.

The discussions confirmed the importance and comprehensiveness of the memorandum in terms of addressing the economic situation and the need to submit the same to the Prime Minister, Ministry of Finance, House of Senates and House of Representatives in addition to media to be the subject of a transparent and meaningful national debate for the interest of economy which in turn shall serve the nation.

HE Dr. Abu-Ghazaleh called for presenting an official request to the Prime Minister about the need for the state institutions to apply international accounting standards in the public sector. He also asked to include the proposal on the obligation to apply and adopt the international accounting standards in the public sector within the Forum's recommendations.

Dr. Abu-Ghazaleh stressed the readiness of the Arab Society of Certified Accountants to train officials and professionals from state staff on how to apply said standards.

It was decided at the meeting that Mr. Sulaiman Al Hafez shall take over the presidency of the Public Financial Policies Committee while Dr. Khalid Al-Wazani shall continue to chair the Monetary Policy Committee.

The attendees listened to reports presented by the heads of committees, HE Eng. Samir Murad, HE Dr. Khalid Al-Wazani, HE Ms. Reem Badran, HE Dr. Jawad Al Anani, on the stages completed and the new committees, namely, Important Challenges Committee, the Financial and Monetary Policies of the State Committee, the Committee of Jordan's Accession to the Gulf Cooperation Council and the Productivity Committee in the general economy.

Mr. Laith Al Qasem, the Forum’s general coordinator stressed the need to implement priorities according to the methodology adopted at the general meeting of the Forum where the committees’ reports should be completed by the end of December 2011 as per the assigned schedule.

It is worth mentioning that the Executive Committee of the Forum comprises:
- Dr. Talal Abu-Ghazaleh – Honorary Chairman
- Dr. Taher Kanaan - Chairman of the Forum
- Sherif Fawaz Sharaf - Vice President
- Dr. Khalid Al-Wazani - Chairman of the Monetary Policies Committee
- Mr. Sulaiman Al Hafez - Chairman of the Financial Policies Committee
- Dr. Jawad Al Anani - Chairman of the Productivity Committee
- Engineer Samir Murad - Chairman of the Important Challenges Committee
- Ms. Reem Badran - Head of Jordan's Accession to the GCC Committee
- Mr. Laith Al Qasem - Chairman of the Coordination Committee