MoF organises meeting for experts from independent federal authorities on financial data collection

Following the efforts to meet local and international financial needs as per best international standards and International Monetary Fund (IMF) requirements with regards to financial data collection; the Ministry of Finance (MoF), represented by the Department of Coordination of Fiscal Policies, recently organised an open meeting for experts from independent federal authorities who are specialised in collecting and preparing consolidated financial statements. The meeting aimed to introduce participants to the latest developments related to drafting financial statements and their timeline.

The meeting’s agenda included discussions on the timeline for delivering the annual financial statements for 2015 and the first quarter of 2016, as well as shifting to the use of the 2014 GFS report and the consolidation of the fiscal policy on a local level. Participants also reviewed the e-linking of UAE governments’ financial systems, and the achievements of the Government Financial Policy Coordination Council’s technical team with regards to collecting financial data on a local level.

Commenting on the meeting, HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF, said: “The Ministry is committed to work alongside different partners from government departments and authorities, to implement the best international practices with regards to GFS reports issued by the IMF. This commitment will improve the foundations of government financial work within the UAE as well as enhance the competitiveness levels of the country in various international reports.”

HE Al Yateem also highlighted the Ministry’s commitment to creating a suitable environment to implement all related government financial work in accordance with best international practices. The Ministry is keen to introduce all experts in this field to the latest financial system developments and mechanisms to allow them to test it and provide their suggestions for possible improvements.

Participating entities included representatives from the office of HE Reem Ibrahim AL Hashemi and HE Dr. Sultan Ahmed Al Jaber along with representatives from Red Crescent Authority (RCA), Federal Authority for Nuclear Regulation, Marriage Fund, Securities and Commodities Authority, Zayed University, General Authority for Pensions and Social Security, Emirates Real Estate Corporation, National Authority for Qualifications & Quality Assurance of Education, General Authority of Youth and Sports Welfare, Zakat Fund, Telecommunications Regulatory Authority (TRA), UAE University, UAE Conference Committee, Federal Demographic Council, Sheikh Zayed Housing Programme, Emirates Identity Authority, General Civil Aviation Authority, Higher Colleges of Technology, Supreme Council for Motherhood and Childhood, and Emirates Diplomatic Academy.