Ministry of Finance educates youth on importance of financial data and its uses

The Ministry of Finance has participated in the Ministry of Culture and Youth's Summer Camp 2023 through a dialogue session hosted by the Dubai Creative Hub at Emirates Towers.

Titled "Youth Dialogues: The Importance and Uses of Financial Data," the session touched on the importance of the Ministry of Finance's financial data and reports and their utilisation in research and studies carried out by students and youth.

The session was moderated by Khawla Al Shenini, Head of the Financial and Accounting Capacity Building Department. Speakers included Sarah Mahdi Al Majedi, Head of the Fiscal Policy Coordination Section, and Ahmed Ali Al Abdouli, Head of Government Finance Statistics.

During the session, Saeed Rashid Al Yateem, Assistant Undersecretary for Resources and Budget at the Ministry of Finance, highlighted the importance of financial concepts and information for the youth to gain a deeper understanding of the UAE's financial system, emphasising its significance in the country's development.

The discussion began with an overview of the UAE's financial organisations and their respective mandates. The federal government is responsible for managing general affairs, legislative and executive matters, and preparing the nation's budget and financial reports in coordination with local governments.

The Ministry of Finance's vision was then presented, aiming to be a global leader in the fiscal field and contributing to the UAE's vision of efficiently managing and developing financial resources through active fiscal policies and international relations. The Ministry's strategic objectives were also discussed, focusing on financial planning, budget implementation, financial position management, and more.

The session shed light on Government Finance Statistics, a statistical system that prepares financial tables and data on the government's financial operations. This data plays a crucial role in understanding the impact of government financial policies on the economy.

Furthermore, the speakers explained that financial reports serve the country's internal and external goals and are compared to other nations for benchmarking purposes. They emphasised the importance of the Classification of the Functions of Government (COFOG) for measuring government spending on various sectors, including public services, defence, education, and healthcare.

To promote access to financial data, the speakers introduced five sources for open data, including the Ministry's website and app, the National Summary Data Page, the Federal Competitiveness and Statistics Centre's website, and the International Monetary Fund's website and Government Finance Statistics Yearbook.

The session discussed how this data is used in building economic and statistical models, conducting research on the impact of taxes on the economy, analysing government spending in different sectors, enhancing the UAE's competitiveness, and preparing studies related to economic policies, such as the Net Zero by 2050 initiative.

The session concluded with an interactive Q&A session, where the youth could clarify their doubts and discuss the presented financial concepts and matters.

Overall, the Ministry of Finance's participation in the Summer Camp 2023 aimed to empower the youth with financial knowledge, encouraging them to play an active role in the country's economic development and sustainability.

News Source: Emirates News Agency