UAE Ministry of Finance launches automated budgets preparation project for independent federal agencies
- United Arab Emirates: Wednesday, September 26 - 2012 at 15:43
- PRESS RELEASE
In a bid to ensure the best use and development of federal government resources and in line with agreements signed with various independent federal agencies, the Ministry of Finance (MoF) announced the launch of an automated budgeting system for independent federal entities in Abu Dhabi.
The implementation of the project follows the Ministerial Council for Services decision number (164/12G/9) for the year 2010 on the inclusion of an electronic financial system for the federal government. The main objective behind the decision is the standardization of accounting and financial reporting used by those bodies in accordance with the structure of the consolidated accounts approved by MoF. In addition, it enables the Ministry to build a central financial database for those entities, thereby contributing effectively in promoting the rapid completion of financial work and ensuring higher accuracy of the financial reports.
Commenting on the signing of this agreement, HE Al Yateem said that this project is a result of the great efforts carried out by MoF over the past period in cooperation with various independent federal entities. It is meant to provide MoF with their budgets while ensuring non-interference by the Ministry in financial and administrative procedures for those independent bodies.
HE added: "MoF recognises all those who worked with them side by side in implementing the decision of the Ministerial Council for Services on annexing independent federal bodies of the federal government, which support the pursuit of the Ministry to achieve its vision on being a global leader in the management of financial resources to achieve sustainable and balanced development for the UAE."
MoF has signed a range of agreements with independent institutions and governmental bodies. Those agreements identified all forms of cooperation and coordination that will take place between the parties and the terms and conditions for services provided or received by the Ministry. Additionally, they clarify all forms of cooperation in MoF's training of those institutions and bodies with regard to the use of the new system.
It should be noted that MoF's strategic objective to develop its operations and service delivery as well as increasing reliance on information technology has been achieved through the implementation of the financial federal system in all ministries in the UAE in 2009. MoF is now seeking to complete the integration of institutions and government bodies that are independent of the system.
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