MoF to enhance coordination between the federal entities

As part of its endeavours to enhance coordination between the federal entities and raise their awareness on instructions related to preparing the final account of the year 2022, the Ministry of Finance (MoF) recently organised two workshops for federal entities on the procedures outlined in Financial Circular No.8 of 2022 concerning Final account preparation instructions (financial statements and consolidated financial statements) for the fiscal year ending on Dec.31, 2022.

Both workshops were held in the presence of employees from the Financial Operations Department at MoF, in addition to 160 directors of departments and employees concerned with the final account in all federal ministries and entities. Mariam Al Amiri, Assistant Undersecretary for Government Financial Management Sector at MoF, referenced the ministry’s keenness to enhance communication and coordination with all federal ministries and entities in the country, to support them in better understanding and implementing government policies and circulars, in a way that contributes to achieving the strategic objectives of the UAE government.

She said: “Organising these workshops falls in line with the ministry’s efforts to enhance the processes of preparing the final account and the consolidated annual report, in compliance with the provisions of Federal Decretal Law No. (26) of 2019 on Public Finance, and in line with the procedures that have been applied in the federal government regarding the transformation to accrual basis of accounting.”

The Ministry of Finance holds training workshops throughout the year for all federal entities within an annual training plan that is discussed with each federal entity separately, to determine their training needs regarding the workshops to be held.

Meanwhile Younis Haji Al Khoori, Undersecretary of Ministry of Finance (MoF), recently met with Ali Al-Eyd, International Monetary Fund (IMF) Article IV Consultations’ Mission Chief, to discuss the UAE’s economic and financial developments.

The meeting, which was held at the Ministry of Finance (MoF)’s headquarters in Abu Dhabi, comes as part of the IMF’s annual consultations to discuss the UAE’s economic and financial performance.

A number of officials and specialists from MoF and the IMF attended the meeting.

During the meeting, Younis Al Khoori praised the efforts made by the IMF to assess the financial and economic performance of member states.

He also stressed the importance of continuing the annual consultations that MoF conducts with the IMF regarding the economic and financial performance of the UAE.

“The Ministry of Finance is keen to make the most of the IMF’s experts’ recommendations regarding the UAE’s financial policies, and to move forward in improving government financial work mechanisms in line with the best international standards.” Both parties discussed the fiscal performance and financial operations in 2022, the progress made on UAE-wide fiscal framework, and fiscal coordination between MoF and the UAE’s seven emirates.