Ministry of Finance organises a series of field visits to local finance departments

ABU DHABI, 8th December, 2022 (WAM) – The Ministry of Finance (MoF), in cooperation with the Government Financial Policy Coordination Council’s technical team, recently held a series of field visits to the local finance departments to discuss the developments and requirements of government finance statistics nationally.

Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, said, “The Ministry of Finance is keen to continue working and coordinating with all local finance departments to ensure the provision of accurate and high-quality financial and statistical data nationally, and in accordance with the best international standards and practices.”

He said, “Organising such visits comes within the Ministry of Finance’s efforts to inform the specialists of the workflow frameworks and trends related to collecting and disseminating government finance statistics, and to discuss common technical issues. All of which comes with the aim of improving the quality of financial reports in the country, supporting the development process, and achieving sustainable financial stability.”

The meetings sought to discuss the challenges that hinder the provision of quarterly and annual data for the year 2022 and devising appropriate solutions to them, as well as to review the quarterly government finance statistics reports for the year 2022. This is in addition to the “recommendations to improve the quality of data 2021” report, the requirements of the draft balance sheet at the UAE’s level, and the methodology for preparing a statement of sources and uses of cash according to the Government Finance Statistics Manual 2014 (GFSM 2014) guide.

During the meetings, participants reviewed the requirements of the Climate and Environment Platform initiative of the International Monetary Fund. The meeting also discussed the requirements for providing COFOG job classification data (Classification of the Functions of Government), updates on the Emirates Gate for Government Finance Statistics (GFS) Report System, and the decision to form the Government Financial Policy Coordination Council’s technical team for the year 2023.