Fujairah links its financial systems to UAE Federal Government
Linkage of financial systems will help improve coordination and reporting
The Emirate of Fujairah has linked its financial systems to the UAE federal government’s financial systems, as part of efforts to achieve greater financial coordination and economic stability within the UAE.
The linkage was officially announced by the Ministry of Finance (MoF), represented by the Department of Coordination of Fiscal Policies. This step was taken in efforts to, and following the International Monetary Fund’s (IMF) recommendations on the requirements of the Government Finance Statistics (GFS) system.
This linkage of financial systems will support the team working on the Emirates Gate of GFS Reports in collecting and compiling government financial data from both parties. This will ensure the implementation of international standards in the coordination of fiscal policies and will help in meeting international requirements in the field of government financial statistics.
Last the Ministry announced that Abu Dhabi and Ajman both linked their systems to the federal financial system. The linkages were linkages were completed after the UAE joined the IMF’s General Data Dissemination System (GDDS) – which aims to achieve international standards in statistical work and as per the UAE Cabinet’s decision
The meeting to announced the accomplishment was attended by HE Younis Haji Al Khoori, Undersecretary of MoF; HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF; HE Ali Mostafa, Director of the Department of Finance- Fujairah; HE Yousef Al Awadi, Deputy Director of DoF-Fujairah; along with members of the technical team of the Emirates Gate of GFS Reports system from both sides.
Commenting on this announcement, HE Younis Haji Al Khoori said: “MoF is committed to achieve its strategic vision of becoming a global leader in financial resource management and will contribute to achieving a sustainable competitive environment. MoF is also keen to continuously develop the federal financial system to be aligned with international best practices.”
HE added: “The linking of both systems is a result of the Ministry’s efforts to set a platform aimed at strengthening ties and relations with various local government departments. This will in turn allow us to strengthen government financial entities’ capabilities; ensure the best use of the financial resources as well as support stability and sustainability within the UAE.”
HE Ali Mustafa, Director of DoF- Fujairah emphasised the department’s commitment to linking its system to the federal financial system- as it speeds up the process of exchanging government financial data electronically. DoF – Fujairah is also committed to support the Ministry’s efforts towards sustaining financial sustainability within the UAE and to meet the IMF’s requirement on GFS.”