UAE Hosts Senior Budget Officials From OECD To Discuss Financial Management In MENA Region

Senior budget officials from the Organisation for Economic Cooperation and Development (OECD) in the Middle East and North Africa gathered in Abu Dhabi. The UAE's Ministry of Finance hosted the meeting to discuss public budgeting and spending developments. The event aimed to boost cooperation and share knowledge among regional decision-makers on public financial management.

Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, highlighted the UAE's role in hosting such international meetings. He stated that this reflects the country's leadership in financial and economic management. AlKhoori emphasised the UAE's commitment to becoming a global hub for significant regional and international events.

The meeting, held for the second consecutive year in the UAE, occurred amid global economic changes. AlKhoori stressed the importance of cooperation and innovation to enhance financial resource management and advance sustainable development goals. He noted that investing in digital infrastructure and adopting advanced technologies are crucial for sustainable growth.

Participants explored innovative financing mechanisms, focusing on attracting private investment through public-private partnerships for essential projects. Discussions highlighted benefits, opportunities, challenges, and financial risks associated with these mechanisms. The integration of these strategies into budget systems was also examined.

AlKhoori discussed various topics at the meeting, including digital transformations and artificial intelligence in budgeting. These technologies are vital for improving resource management efficiency, aligning spending with strategic priorities, and enhancing performance monitoring. This approach is essential for developing public financial management.

Sessions on Key Topics

The two-day meeting featured sessions on exchanging experiences and discussing public financial management developments in the region. Topics included budget preparation, improving spending efficiency, and adapting to economic challenges at both regional and global levels.

A session focused on enhancing financial literacy to support sustainable policies. Another session explored using generative AI in budgeting and public spending. Participants discussed practical challenges of implementing performance budgeting to improve spending efficiency by outlining outcomes clearly.

AlKhoori highlighted efforts by the Ministry of Finance to increase transparency in budget planning. Modern digital tools facilitate better integration across sectors, accelerating progress and adapting policies to a changing global economy. "This digital integration," he said, "supports our strategic goals by enabling data-driven financial decisions."

Performance Budgeting Insights

A dedicated session on performance budgeting aimed at improving public spending efficiency by providing necessary data for informed decisions. Participants reviewed best practices adopted by OECD countries to strengthen spending effectiveness and achieve strategic goals.

Last year, Dubai hosted this annual meeting from 19th to 20th September. This year's event continued discussions on enhancing cooperation among senior budget officials from Middle Eastern and North African countries.

The meeting concluded with a focus on innovative financing strategies and digital tools' role in advancing sustainable development goals. Participants agreed that collaboration is crucial for addressing economic challenges effectively while ensuring efficient resource management across regions.

With inputs from WAM