MoF announces e-connection of Abu Dhabi Government, Federal Financial Systems

2014-03-19 18:02:27

WAM ABU DHABI, 19th March, 2014 (WAM)–The Ministry of Finance (MoF) announced yesterday that the Abu Dhabi and Federal Financial Systems have been electronically linked after meeting at its Headquarters in Abu Dhabi.

The move aims to enhance financial policy coordination between federal and local government entities to refine fiscal alignment and economic balance at a state level.

The meeting was attended by Younis Haji Al Khouri, Under Secretary of MoF, Saeed Rashid Al Yateem, Assistant Under Secretary of Resources and Budget Sector at MoF and Musabah Mohammed Al Suwaidi, Assistant Under Secretary of Support Services Sector at MoF, on behalf of the Ministry. Salah Mohammad Al Weswasi, General Director for Government Accounts and financial expert, Mohsin Nemr, also attended on behalf of the Department of Finance – Abu Dhabi along with representatives from the GFS technical teams from both parties.

Al Khouri said, “The electronic link reflects the great effort of the Government Financial Policy Coordination Council since its establishment. The Council has managed to incorporate an electronic platform to achieve its objectives. In fact, the IMF has praised the developments and efforts to coordinate fiscal policies and the Emirates Gate of GFS Reports systems to ensure total coordination of fiscal policies across all local UAE government entities.”

He added, “The Ministry and the Department of Finance – Abu Dhabi have both adopted a distinctive strategy and the electronic link between the two financial systems. It confirms the presence of a strong relationship between the two parties. The senior management at the Department of Finance has shown genuine interest in providing the necessary strategic support for the joint team of the Emirates Gate of GFS Reports system, which has widely contributed to the achievement of this project.”

For his part, Al Weswasi said, “The Department of Finance- Abu Dhabi has a firm belief in building networking relationships and partnerships with the Ministry of Finance and strengthening the link between the federal financial system and the financial systems of all the emirates within the UAE. The Department seeks to play an effective role within the Government Financial Policy Coordination Council in order to strengthen the UAE’s ability to implement international standards in the field of government financial statistics.”

He added, “The linking of both the federal and Abu Dhabi financial systems to exchange data electronically, will play an important role in creating cooperative relations and a successful partnership between MoF and DoF in areas of development and training, as well as in facilitating the coordination process.”

The Government Financial Policy Coordination has achieved a number of unique achievements since its establishment. For the first time, the Council issued the 2011 financial statements in the 2012 edition of the IMF’s Government Finance Statistics Yearbook (GFSY). Subsequently, the Council also published the UAE’s quarterly financial statements for 2012 and 2013 in the IMF’s International Financial Statistics (IFS) yearbook.

In accordance with the UAE Cabinet directive (117/8) issued in 2008, the UAE joined the General Data Dissemination System (GDDS) and began to collect and prepare the UAE’s financial statements in line with international statistical work standards to meet the requirements of the GFS (GFSM 2001). The Ministry also prepared metadata forms up to the general standards of the GDDS, which were issued by the IMF.

WAM/Majok

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