The UAE Ministry of Finance (MoF) is bolstering its Government Finance Statistics (GFS) initiative through strategic collaboration with the Technical Team of the Government Financial Policy Coordination Council. This nationwide project seeks to elevate the quality of financial data and align with international standards, fostering economic sustainability.
A series of field visits to financial departments across the UAE highlighted the Ministry’s commitment to enhancing partnerships and ensuring cohesive national progress. These efforts underscore the importance of comprehensive financial data in shaping robust economic and fiscal policies.
Leadership Remarks
His Excellency Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, emphasized the role of accurate data in building trust in the national economy.
He stressed the Ministry’s dedication to providing accurate, comprehensive data to empower decision-makers in crafting future economic and financial policies.
Younis Haji AlKhoori, Undersecretary of the Ministry of Finance
During these visits, financial departments reviewed the 2023 annual data recently approved by the UAE Cabinet. Discussions centered on refining quarterly and annual data processes for 2024, ensuring innovative approaches to public finance.
Key priorities included adopting the International Monetary Fund’s (IMF) 2014 Government Finance Statistics Manual (GFSM) for more efficient financial reporting and aligning with the Whole of Government Accounts (WGA) standards.
Driving Digital Transformation
Participants examined the need for enhanced metadata for the General Data Dissemination System (e-GDDS) and explored developing an electronic linkage system. This initiative will connect UAE financial departments to the UAE Government Finance Statistics Reporting Portal, leveraging technology to ensure transparency and improve the country’s standing in global financial indices.
By integrating advanced systems, the UAE reaffirms its leadership in fiscal innovation and sustainable development, strengthening its position in the global economic landscape.
