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Advancing Government Finance Statistics in the UAE: A Step Towards Enhanced Economic Transparency

Writer's picture: Emil GasparyanEmil Gasparyan

The Ministry of Finance (MoF) of the UAE has taken significant steps to enhance government finance statistics through a series of field visits to financial departments across the nation. This initiative aims to improve the quality of financial and statistical data, aligning with global best practices and supporting the UAE’s sustainable development goals.

Key Takeaways

  • The MoF is collaborating with the Government Financial Policy Coordination Council to strengthen partnerships across UAE governments.

  • The initiative focuses on advancing the Government Finance Statistics (GFS) Project at the national level.

  • Emphasis on providing accurate and comprehensive data to empower decision-makers.

  • Discussions included the implementation of the 2014 Government Finance Statistics Manual (GFSM).

  • Plans to develop an electronic linkage system for enhanced data transparency.

Commitment to Collaboration

The MoF's recent field visits underscore its commitment to fostering collaboration among financial departments throughout the UAE. By engaging directly with these departments, the Ministry aims to build trust in the national economy and ensure that financial systems are modernized and efficient.

Enhancing Financial Data Quality

During the visits, the financial departments reviewed the achievements of the GFS Project, including the UAE Cabinet’s approval of the 2023 annual data. Key discussions revolved around:

  1. Opportunities and challenges in compiling quarterly and annual data for 2024.

  2. Innovative solutions to enhance the UAE’s leadership in public finance.

  3. Recommendations from the International Monetary Fund (IMF) for improving data quality.

Implementation of International Standards

The meetings highlighted the necessity of updating metadata for the enhanced General Data Dissemination System (e-GDDS) to align with international standards. This alignment is crucial for:

  • Meeting the requirements of the Whole of Government Accounts (WGA) project.

  • Enhancing the efficiency and accuracy of financial reporting.

Future Plans for Digitalization

A significant outcome of these discussions was the plan to develop an electronic linkage system that connects UAE financial departments with the UAE Government Finance Statistics Reporting Portal. This initiative aims to:

  • Leverage advanced technology to drive digitalization in public finance.

  • Enhance data transparency and accessibility.

  • Solidify the UAE’s position in global financial indices.

Conclusion

The Ministry of Finance's proactive approach in advancing government finance statistics is a pivotal step towards enhancing economic transparency and fostering sustainable growth in the UAE. By focusing on collaboration, data quality, and digitalization, the MoF is setting a strong foundation for informed decision-making and robust financial policies in the future.

Sources

  • Ministry of Finance advances government finance statistics in UAE, ZAWYA.

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