Dubai joins UAE Federal financial systems to meet IMF goals
Dubai connects financial systems with UAE Federal Government as part of Government Finance Statistics framework
Dubai has become the latest emirate to link it financial systems to the systems of the UAE Federal government, as part of the drive to meet International Monetary Fund (IMF) goals on Government Finance Statistics (GFS).
The Emirates of Abu Dhabi, Ajman, Fujairah, Sharjah and Ras Al Khaimah have already completed integration of their systems with the Federal Government Financial System, under the remit of the Ministry of Finance (MoF), over the past two years.
The Government Financial Statistics (GFS) framework aims to create standards of reporting and analysis across member states. . The announcement was made during the first Government Financial Coordination Council meeting for 2016, in Dubai.
HE Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Government Financial Policy Coordination Council headed the meeting in the presence of HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF. The meeting covered a number of elements, including board discussions to improve the foundations of government financial work within the country on a local and federal level. The Department of Finance - Dubai was honoured for its efforts to complete the linking of Dubai's financial system to that of the Federal Government.
HE Younis Haji Al Khoori said: "The Government Financial Policy Coordination Council is keen to complete all electronic linking of the federal government financial system to local financial systems, to reflect its commitment to meet the requirements of the IMF with regards to GFS. This led the Fund to name the UAE as the first country to set up an electronic gate for GFS reports."
HE Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at the Department of Finance-Dubai stressed the Department's commitment to cooperate with all federal and local entities that contribute to the development of the financial sector. HE also expressed his thanks and appreciation to the Ministry's efforts towards enhancing cooperation between the Department of Finance - Dubai and other departments across all emirates, in order to identify best practices in e-connection operations and preparing reports and financial statements.