Ministry Of Finance Collaborates To Enhance Government Finance Statistics Across The UAE

The Ministry of Finance (MoF) and the Technical Team of the Government Financial Policy Coordination Council have been actively visiting financial departments across UAE governments. These visits aim to strengthen partnerships and enhance collaboration nationwide. The focus is on advancing the Government Finance Statistics (GFS) Project, which seeks to improve the quality of financial and statistical data, aligning with global best practices.

Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, highlighted the importance of these initiatives in building trust in the national economy. He stated that providing accurate and comprehensive data is crucial for empowering decision-makers to craft future economic and financial policies. "These visits reflect our commitment to ongoing coordination with financial departments across the UAE," he said.

The visits also emphasised modernising financial systems and policies to foster fiscal balance and drive sustainable economic growth. During these engagements, UAE financial departments reviewed achievements under the GFS Project, including the UAE Cabinet’s recent approval of 2023 annual data. Discussions centred on opportunities and challenges in compiling quarterly and annual data for 2024.

Participants explored innovative solutions to bolster UAE’s leadership in public finance both locally and internationally. They examined recommendations from the International Monetary Fund (IMF) aimed at improving data quality to meet Whole of Government Accounts (WGA) project requirements. Implementing the 2014 Government Finance Statistics Manual (GFSM) was also discussed to enhance reporting efficiency.

The meetings underscored updating metadata for the enhanced General Data Dissemination System (e-GDDS) to align with international standards. Attendees discussed plans for developing an electronic linkage system connecting UAE financial departments with the UAE Government Finance Statistics Reporting Portal. This initiative aims to leverage advanced technology for digitalisation in public finance.

Such technological advancements are expected to enhance data transparency and solidify UAE’s position in global indices. The Ministry's commitment to these efforts reflects its dedication to fostering collaboration nationwide, supporting sustainable development, and ensuring robust financial performance across all sectors.

With inputs from WAM