MOF: Stresses Importance of Control and Prevention of Risk Impacts

The Ministry of Finance and Economic Planning confirms its interest in the management and control of risks associated with economic issues in order to anticipate them and control their impacts. The State Minister Ustaz Magdi, upon addressing today the Workshop of  Risk Management, Control and Prevention organized by the Ministry of Finance in collaboration with Frederich Foundation in the Banks Union  Hall pointed out that the Ministry pays attention to the management and control of risk effects and follows what is provided  in terms of scientific and practical support to the leaders of the Ministry by clarifying the existing and anticipated risks associated the decisions taken in the areas of financial and economic policy, plans and development projects and feasibility studies, stressing that science and knowledge of expected risks in terms of  implementing policies enable to read the future and estimate the size and cost of the risk and then to anticipate them. For his part, Mustafa Yousif Holi the Undersecretary of the Ministry of Finance pointed out that  Risk management has been established by the Ministry in its new structure , believing in the importance of risk prevention in the management of macro and micro economy, pledging to support the administration by providing all the work aids, opening training opportunities for its employees to keep pace with global developments in its field, stressing the importance of the workshop as a practical start for the management tasks in coordination and integration of efforts with universities, units of the Ministry of Finance and the competent authorities in order to develop and improve performance. He said” the current workshop shall be followed by specialized workshops to open scientific dialogue that can be useful in managing the economy and development in order to achieve the goals of the Five-year program for economic reform in its second year , pledging all to enforce the recommendations of the workshop that drive economic action forward. Dr. Abdulmoneim Mohamed Al-Tayeb underscored, Chairman of the Financial and Economic Studies Academy underscored the importance of risk management in support of the Ministry 's efforts in the development of macroeconomic management , stressing his interest in building and training of personnel capabilities. For her part the director of risk management Department M/s Awatif Al-Ashi the interest of the department in monitoring and assessing the risks faced by the Ministry’s activities and its various units, noting that the economy risk increases as we are closer to globalization. The workshop discussed a working paper on the management, control and prevention of hazards which included the definition of risk management, the goals, and the most important risks surrounding the economic institutions.

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