Ministry of Finance Advances Government Finance Statistics in the UAE

Abu Dhabi, 27 November 2024

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 UAE governments. These visits reaffirm the Ministry's commitment to strengthening partnerships and fostering collaboration nationwide.

The visits focused on advancing the Government Finance Statistics (GFS) Project at the national level, with the goal of enhancing the quality of financial and statistical data. This initiative aligns with global best practices, contributing to stronger financial performance and supporting the UAE's sustainable development journey.

His Excellency Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, underscored the significance of these efforts in building trust in the national economy. He stressed the Ministry's dedication to providing accurate, comprehensive data to empower decision-makers in crafting future economic and financial policies.

His Excellency also emphasised that these visits reflect the Ministry's dedication to ongoing coordination with financial departments across the UAE, focusing on enhancing and modernising financial systems and policies. This approach aims to foster fiscal balance and drive sustainable economic growth.

Driving Innovation in Public Finance

During the visits, UAE financial departments reviewed the achievements of the GFS Project, including the UAE Cabinet's recent approval of the 2023 annual data. Discussions addressed opportunities and challenges in compiling quarterly and annual data for 2024, with a focus on innovative solutions to bolster the UAE's leadership in public finance both locally and internationally.

Participants also examined the International Monetary Fund's (IMF) recommendations for improving data quality to meet the requirements of the Whole of Government Accounts (WGA) project. Additionally, they explored implementing the 2014 Government Finance Statistics Manual (GFSM) to enhance the efficiency and accuracy of financial reporting.

Strengthening Digital Systems and Data Transparency

The meetings highlighted the need to update metadata for the enhanced General Data Dissemination System (e-GDDS) to align with international standards.

Attendees discussed plans to develop an electronic linkage system connecting UAE financial departments with the UAE Government Finance Statistics Reporting Portal. This initiative leverages advanced technology to drive digitalisation in public finance, enhance data transparency, and solidify the UAE's position in global indices.