MoF Strengthens UAE Financial Systems Through Nationwide Field Visits

The Ministry of Finance (MoF), in collaboration with the Technical Team of the Government Financial Policy Coordination Council, has conducted a series of field visits to financial departments across UAE governments.

These visits reaffirm the Ministry’s ongoing commitment to enhancing collaboration and partnerships nationwide.

The focus of the visits was on advancing the Government Finance Statistics (GFS) Project, which aims to improve the quality of financial and statistical data at the national level. This initiative aligns with global best practices and supports the UAE’s sustainable development goals by strengthening financial performance.

Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, highlighted the importance of these efforts in building trust in the national economy. He emphasized the Ministry’s dedication to providing accurate and comprehensive data that empowers decision-makers in shaping future economic and financial policies.

During the visits, participants reviewed the achievements of the GFS Project, including the UAE Cabinet's approval of the 2023 annual data. Discussions also centered around opportunities and challenges in compiling quarterly and annual data for 2024, with a focus on innovative solutions to enhance the UAE's leadership in public finance.

The meetings also explored the International Monetary Fund's (IMF) recommendations for improving data quality and the implementation of the 2014 Government Finance Statistics Manual (GFSM). Plans were discussed to develop an electronic linkage system that connects UAE financial departments with the Government Finance Statistics Reporting Portal, fostering transparency, digitalisation, and the UAE's position in global financial indices.

News Source: Emirates News Agency