The United Arab Emirates (UAE) Ministry of Finance hosted a gathering of senior budget officials from the Organisation for Economic Cooperation and Development (OECD) for the Middle East and North Africa region. The meeting, held in Abu Dhabi, focused on the latest trends in public budgeting and spending.
Key Discussion Points:
- Innovative Financing: Exploring innovative financing mechanisms to attract private investment through public-private partnerships (PPPs).
- Performance Budgeting: Highlighting the importance of performance budgeting to enhance public spending efficiency.
- Financial Literacy: Reviewing methods to improve financial literacy and public understanding of fiscal issues.
- AI in Budgeting: Exploring the application of generative artificial intelligence techniques in budgeting.
UAE’s Leadership Role:
Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, emphasized the UAE’s leading role in financial and economic management. He highlighted the country’s commitment to hosting influential regional and international events, and its focus on leveraging technology and innovation to improve public financial management.
AlKhoori underscored the importance of international cooperation in addressing global economic challenges. He stressed the need for countries to adapt to changing economic conditions by embracing digital technologies, promoting transparency, and prioritizing sustainable development goals.
The meeting delved into the benefits of performance budgeting, which aims to improve public spending efficiency by linking budget allocations to specific outcomes. Participants discussed the challenges and best practices associated with implementing performance budgeting.
Additionally, the role of digital technologies in enhancing public financial management was a key focus. The use of AI and other advanced technologies can help improve budgeting processes, enhance decision-making, and optimize resource allocation.
Financial Literacy and Public Awareness:
The importance of financial literacy and public understanding of fiscal issues was highlighted. By educating the public about government finances, it is possible to foster greater trust and accountability.
By hosting this important meeting, the UAE reinforces its position as a regional leader in financial management and economic development. The discussions held during the event will contribute to strengthening public financial management practices in the Middle East and North Africa region.
