DUBAI, CMC – Bermuda has signed a Memorandum of Understanding (MOU) on Cooperation in Public Finance Management with the United Arab Emirates (UAE).
Premier and Minister of Finance David Burt signed the MOU with the UAE’s Minister of State for Financial Affairs, Mohamed bin Had Al Hussaini, with the two countries saying they will begin discussions following the conclusion of the World Governments Summit, with a view to convening an inaugural meeting in the third quarter of this year focused on areas of mutual interest.
“The cooperation set out in this MOU is focused on practical improvements that support stability and better value for money in the delivery of public services,” said Burt.
“The technical discussions and follow-up work will continue after the Summit through technical officials within the Ministry of Finance and their counterparts in the United Arab Emirates, providing continuity within the current Government beyond my term as Premier,” he added.
A Bermuda government statement said that a priority for the British Overseas Territory will be leveraging technology that the UAE has already tested and deployed to strengthen how the Ministry of Finance utilises data to support macroeconomic and fiscal policy.
It said that other areas of cooperation include budgetary systems, sustainable finance, and capital markets.
The statement said that following the signing, Premier Burt participated in a closed-room discussion at the Arab Fiscal Forum on digital transformation in public finance and the scope for AI.
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