Sharjah connects financial systems to federal government
Linkage with Emirates Gate GFS Reports to improve national financial reporting
Sharjah has become the latest emirate in the UAE to link its financial systems with the Emirates Gate of Government Finance Statistics (GFS) Reports system.
The Ministry of Finance (MoF) and the Central Finance Department of Sharjah announced that Sharjah has linked its systems to the centralised system for better coordination of fiscal policies across the emirates and to meet international government finance statistics requirements.
The two systems have been electronically linked after a recent meeting at the Ministry's premises in Dubai. The meeting was attended by HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF and HE Waleed Ibrahim Al Sayegh, Director General of the Central Finance Department of Sharjah, alongside members from the Emirates Gate of GFS Reports technical team.
HE Younis Haji Al Khoori, Undersecretary of MoF said that the Ministry is committed to implementing best international practices in government financial work, in order to enhance financial integration and coordination in the UAE on a local and federal level. HE also highlighted that the e-connection with the Central Finance Department of Sharjah reflects the Ministry's efforts to strengthen collaborative relations with various local finance departments.
HE Al Khoori added: "The Ministry strongly believes in developing government financial entities' capabilities to ensure the best use of financial resources and to support stability and sustainability within the UAE. This is being achieved through continuous efforts to improve the UAE's financial systems and provide the necessary training for employees working in specialist areas. In accordance with the UAE Cabinet's directive (117/8) issued in 2008, the UAE joined the General Data Dissemination System (GDDS) and began to collect and prepare the country's financial statements as per international standards."
HE Waleed Ibrahim Al Sayegh highlighted the importance of linking Sharjah's financial systems to the federal financial system, in order to strengthen the coordination of fiscal policies between different government financial entities, and to improve the country's financial performance.
HE Al Sayegh stressed that the Central Finance Department of Sharjah works in accordance with the directives of HH Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to support all federal initiatives, improve the country's financial performance and in turn enhance the UAE's status and place the country on the path towards achieving sustainable development.
The Director General of the Central Finance Department of Sharjah stressed the Ministry's important role in adopting best techniques and practices to improve the UAE's status on a global level. HE also highlighted the strong support of the Government Financial Policy Coordination Council, which is committed to implementing best practices in providing financial statements, as per the requirements of the IMF and GDDS. This has led to the UAE's top ranking for fiscal policies in the World Competitiveness Yearbook 2015.
In June, Fujairah connected its financial systems to the federal financial system while Abu Dhabi and Ajman connected last year.