emirates7 - The Ministry of Finance (MoF), in collaboration with the Technical Team of the Government Financial Policy Coordination Council, has conducted a series of field visits to financial departments across various UAE governments.
These visits reaffirm the Ministry’s commitment to strengthening partnerships and promoting nationwide collaboration. The focus of the visits was on advancing the Government Finance Statistics (GFS) Project at the national level, aiming to improve the quality of financial and statistical data.
This initiative is in line with global best practices and supports the UAE’s sustainable development goals by contributing to better financial performance.
Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, highlighted the importance of these efforts in building trust in the national economy. He emphasized the Ministry’s dedication to providing accurate, comprehensive data to empower decision-makers in shaping future economic and financial policies.
AlKhoori also noted that these visits demonstrate the Ministry's ongoing coordination with financial departments across the UAE, focusing on modernising financial systems and policies to promote fiscal balance and sustainable economic growth.
During the visits, financial departments reviewed the progress of the GFS Project, including the recent approval of the 2023 annual data by the UAE Cabinet. The discussions explored opportunities and challenges in compiling quarterly and annual data for 2024, with a focus on innovative solutions to maintain the UAE’s leadership in public finance.
Participants also examined the recommendations from the International Monetary Fund (IMF) on improving data quality for the Whole of Government Accounts (WGA) project. They discussed implementing the 2014 Government Finance Statistics Manual (GFSM) to enhance the accuracy and efficiency of financial reporting.
The meetings also stressed the need to metadata for the enhanced General Data Dissemination System (e-GDDS) to meet international standards. Additionally, plans were discussed to develop an electronic linkage system connecting UAE financial departments with the Government Finance Statistics Reporting Portal. This initiative aims to drive digitalisation in public finance, improve data transparency, and strengthen the UAE’s position in global financial indices.
These visits reaffirm the Ministry’s commitment to strengthening partnerships and promoting nationwide collaboration. The focus of the visits was on advancing the Government Finance Statistics (GFS) Project at the national level, aiming to improve the quality of financial and statistical data.
This initiative is in line with global best practices and supports the UAE’s sustainable development goals by contributing to better financial performance.
Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance, highlighted the importance of these efforts in building trust in the national economy. He emphasized the Ministry’s dedication to providing accurate, comprehensive data to empower decision-makers in shaping future economic and financial policies.
AlKhoori also noted that these visits demonstrate the Ministry's ongoing coordination with financial departments across the UAE, focusing on modernising financial systems and policies to promote fiscal balance and sustainable economic growth.
During the visits, financial departments reviewed the progress of the GFS Project, including the recent approval of the 2023 annual data by the UAE Cabinet. The discussions explored opportunities and challenges in compiling quarterly and annual data for 2024, with a focus on innovative solutions to maintain the UAE’s leadership in public finance.
Participants also examined the recommendations from the International Monetary Fund (IMF) on improving data quality for the Whole of Government Accounts (WGA) project. They discussed implementing the 2014 Government Finance Statistics Manual (GFSM) to enhance the accuracy and efficiency of financial reporting.
The meetings also stressed the need to metadata for the enhanced General Data Dissemination System (e-GDDS) to meet international standards. Additionally, plans were discussed to develop an electronic linkage system connecting UAE financial departments with the Government Finance Statistics Reporting Portal. This initiative aims to drive digitalisation in public finance, improve data transparency, and strengthen the UAE’s position in global financial indices.