MoF Boosts UAE Financial Systems with Nationwide Field Visits
Strengthening fiscal efficiency, MoF advances the GFS project across UAE
MoF Enhances UAE Financial Systems with Nationwide Field Visits
The Ministry of Finance (MoF), in collaboration with the Technical Team of the Government Fiscal Policy Coordination Committee, has undertaken a series of field visits to finance departments across the UAE governments.
The visits reaffirm the ministry’s ongoing commitment to enhancing collaboration and partnerships at the national level.
The focus of the visits was on advancing the Government Fiscal Statistics (GFS) project, which aims to improve the quality of financial and statistical data at the national level. The initiative is in line with global best practices and supports the UAE’s sustainable development goals by strengthening fiscal efficiency.
Younis Haji AlKhoori, Under-secretary of the Ministry of Finance, highlighted the importance of these efforts in building confidence in the national economy. He stressed the ministry’s commitment to providing accurate and comprehensive data that will empower decision-makers in shaping future economic and fiscal policies.
During the visit, participants reviewed the achievements of the GFS project, including the UAE Cabinet’s approval of the 2023 data. Key discussion topics included innovative ways to strengthen the UAE’s position in public finance, and the opportunities and challenges of collecting quarterly and annual statistics for 2024.
The meetings also examined the International Monetary Fund (IMF) recommendations for improving data quality and the implementation of the 2014 Government Finance Statistics Manual (GFSM).
The development of an electronic linkage system connecting the UAE’s financial sectors to the Government Finance Statistics Reporting Portal was discussed, as well as improving transparency, digitalization, and the UAE’s position in global financial indices.
