Global Women’s Forum calls for allocating budget to gender balance

DUBAI, Participants in the Economy Hub session, ‘Gender Responsive Budgeting’ at Global Women’s Forum Dubai (GWFD) 2020 emphasised the importance of allocating budget for gender balance to enhance the role of women as key partners in economic development. The session took place during the second day of GWFD, held under the theme, ‘The Power of Influence’.

The session was moderated by Nour El Chedrawi, Lead Projects Executive Federal Competitiveness & Statistics Authority UAE and featured both Zohra Khan, Global Policy Advisor, Governance & National Planning UN Women, and Stefania Fabrizio, Deputy Unit Chief, Strategy, Police and Review Department, IMF, as speakers.

Stefania Fabrizio discussed the IMF’s report for 2019. The report indicates that half of the world’s working-age population are women, 50 percent of whom are in business sectors, compared to 80 percent of men. The report estimates a loss of wealth due to the gender gap of 10 percent of GDP in advanced economies, and over 30 percent in the MENA region.

Stefania also highlighted the importance of enhancing the engagement of women in the workforce, particularly in developed countries, which face a gender gap in education. She said investing in education within developed countries and providing the required infrastructure for the empowerment of women will have a positive impact on economic development. Stefania also discussed the significant amount of time women spend bringing water to their families in developing countries, which could be utilised in employment to create financial returns for women, their families, communities and the wider economy.

Zohra Khan touched on reports issued by the United Nations, which confirm that enhanced access to education for women has not necessarily translated into the desired shift in terms of achieving gender balance and equal employment opportunities in developing and developed countries. She highlighted that women are still underrepresented in leadership and decision-making positions.

Women hold only 27 percent of leadership positions in government entities, companies and large corporations worldwide. Khan stressed the important role of ministries of finance in implementing financial policies and sustainable budgets that support efforts to achieve gender balance. Khan also highlighted the successful financial policies that are implemented by ministries of finance in Albania, Korea and Uganda, to enhance equality.

Global Women’s Forum Dubai 2020 was held at the Madinat Jumeirah in Dubai, UAE, under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The Forum was organised by Dubai Women Establishment, which is led by Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council and wife of H.H. Sheikh Mansour bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs.

The Establishment’s mission is to advance the engagement and socio-economic participation of women across various sectors and fields. DWE’s strategic plan 2017-2021 focuses on providing recommendations to shape policies; fostering strategic partnerships; developing capacity-building programmes; as well as conducting in-depth research and facilitating the exchange of knowledge by organising global events and leading initiatives.

Source: Emirates News Agency