UAE Ministry Of Finance Hosts Workshop On Government Balance Sheet Preparation In Collaboration With IMF

The Ministry of Finance, in partnership with the International Monetary Fund (IMF), hosted a workshop in Dubai titled "Preparing the Government Balance Sheet According to the GFSM 2014 Guidelines." This event gathered representatives from various UAE financial bodies, including the Central Bank and local financial departments. The four-day workshop aimed to improve government staff's skills in collecting, processing, and publishing financial data accurately.

IMF experts led the workshop, focusing on strengthening technical competencies among government employees. The goal was to boost institutional cooperation and leverage IMF expertise to improve data quality, transparency, and competitiveness both regionally and internationally. Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at the Ministry of Finance, highlighted the UAE's dedication to advancing public financial statistics by adopting global standards.

"The balance sheet is a strategic tool that supports decision-makers. It offers a comprehensive view of government assets and liabilities, thereby improving financial planning efficiency and enabling the effective and sustainable allocation of resources," Al Yateem said.

The workshop explored various themes such as the theoretical framework of government financial statistics and methodologies for preparing balance sheet reports. It also examined successful international practices in compiling balance sheet data and assessed data sources at federal and local levels. These discussions align with the UAE’s strategic vision to enhance financial transparency under the "We the UAE 2031" vision.

Al Yateem further stated that this initiative provided an opportunity to identify technical needs and develop a unified national vision among federal entities regarding balance sheet preparation. He emphasised their commitment to developing financial statistics in collaboration with international institutions to bolster transparency and reinforce UAE’s leadership in financial governance.

Commitment to International Standards

IMF experts praised the high level of engagement from UAE government departments during the workshop. They stressed how such initiatives accelerate progress towards preparing balance sheets aligned with international standards. The experts also acknowledged UAE's efforts in promoting modern financial governance practices.

The workshop aimed at creating a national roadmap for phased implementation of balance sheets, enhancing transparency, and improving government financial statistics quality. This effort supports UAE’s strategic goals of adopting international standards for superior government financial reporting.

These collaborative efforts reflect a commitment to fostering institutional cooperation among relevant authorities while benefiting from IMF expertise. By doing so, they aim to enhance data quality, transparency, and competitiveness on both regional and international fronts.

With inputs from WAM