The Ministry of Finance (MoF), represented by the Coordination of Fiscal Policies Department, recently organised a meeting for the Government Financial Policy Coordination Council’s technical team.
The meeting, which was attended by representatives from local finance departments, aimed to present the technical team with the latest developments on aligning all UAE government accounts; in light of the agreement on issuing an updated version of the Government Finance Statistics Manual 2014 (GFSM) 2014 by the International Monetary Fund (IMF).
The meeting was headed by Abeer Abdouly, Director of Fiscal Policy Coordination and included discussions on the latest updates of the GFSM 2014, e-connection of the UAE governments’ financial systems as well as the importance of submitting all UAE financial statements on the date agreed upon.
During the meeting, Abeer Abdouly welcomed the technical team speciliased in collecting UAE government financial statements, and stressed the Ministry’s commitment to work alongside other local finance departments to implement the IMF’s initiatives and recommendations, which in turn will support and strengthen the country’s competitive level and status in various international reports.
The meeting also covered the latest updates on developing the data of the classification of the function of government (COFOG) to be in line with international standards, in addition to the agreement with the technical team on cooperating with the Ministry to present a comprehensive work plan for each emirate, to determine the methodology to be followed when updating reports for the classification of expenditure by function; in order for the technical team to be able to issue a consolidated report on the country’s level if the process of updating reports is completed in all UAE governments.
Participants discussed the most recent developments on linking the UAE governments’ financial systems to the Emirates Gate of GFS Reports system. The technical team managed to link Emirates Gate of GFS Reports system to that of the departments of finance in Abu Dhabi, Sharjah, Ras Al Khaimah, Ajman and Fujairah and is currently working on linking it with Dubai and Umm Al Quwain.