"While growth in oil production moderated, public projects in
The Fund observed that the macroeconomic outlook is positive. Economic growth is expected at 4.8 per cent in 2014 and about 4.5 per cent in coming years, supported by a number of megaprojects announced over the past 18 months and the successful bid for the World Expo 2020.
Inflation is projected to increase, driven by higher rents. The strengthening real estate cycle, particularly in the
The executive directors of the IMF agreed that
The IMF directors welcomed the recent progress in restructuring the debt of
The Fund officials took note of the ample liquidity and capital buffers in the banking sector, and encouraged the authorities to continue to focus on financial soundness on the back of a strong cyclical position and accelerating deposit growth. They welcomed the recently introduced loan concentration limits on GREs and emirate governments.
Directors regarded the continued focus on prudent fiscal policy as appropriate. They particularly welcomed the continued gradual consolidation plans and bringing spending closer to levels that would allow saving an equitable share of oil wealth for future generations. They also noted that strengthening the budget process in
While emphasizing the need for further policy action if real estate prices continue to increase rapidly, the IMF officials welcomed the recent introduction of targeted macro-prudential measures and the increase in
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