The Ministry of Finance (MoF) announced on Wednesday the results of the 2018 Consolidated Annual Report of the federation, and the final accounts of independent entities.

The announcement came alongside the ministry’s participation in the Federal National Council (FNC)’s third meeting, which took place at the FNC headquarters in Abu Dhabi. The report stated the value of revenues reached Dhs56.1 billion in 2018, an increase of 7.2 per cent since 2017, against expenses amounting to Dhs54.0 billion, an increase of 5.6 per cent since 2017, resulting in a budget surplus of Dhs2.1 billion, an increase of 78.9 per cent over 2017.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Younis Haji Al Khoori, Undersecretary of MoF, Mariam Al Amiri, Under Secretary of the Financial Management Sector, and the ministry’s relevant team, participated in the meeting.

Obaid Humaid Al Tayer reviewed the consolidated annual report of 2018, which included a summary of the data collected, and the consolidated financial performance statement, in addition to the efforts of the Ministry of Finance in developing the consolidated financial performance of the federal government. He said: “The ministry is committed to submitting the consolidated annual report in accordance with international best practices, in order to depict an accurate picture of the nation’s financial position, and draw up financial policies that elevate the Union’s financial position.” Based on the results of the 2018 consolidated annual report, 33.7 per cent of the revenues were from UAE emirates, and 66.3 per cent from other sources. The expenditures were divided between employee compensation amounting to 41.2 per cent, commodity and service requirements amounting to 29.3 per cent, and other expenses amounting to 29.3 per cent.

The consolidated financial performance statement noted that the revenue implementation rate amounted to 102.3 per cent comprising of taxes, social contributions, and other federal contributions and revenues. The expenditure implementation rate amounted 95.8 per cent and included citizens compensation, commodity and service supplies, subsidies, grants, social benefits, other expenses, and assets that have financial credits.

The value of the current assets amounted to Dhs44.2 billion, and included bank balances at 34.2 per cent, and other receivables by 65.8 per cent. As for the current liabilities, they amounted to Dhs27.6, which included 1.3 per cent of bank accounts payable, and 65.8 per cent of other credit balances.

Obaid Humaid Al Tayer affirmed the ministry’s keenness to improve the effectiveness and efficiency of financial reports and data in the Federal Government. This is to provide data that reflects the true financial performance of the Union, and support the decision-making process based on sound planning for the distribution of available financial resources, which in turn contributes to achieving comprehensive and sustainable economic and social development in accordance with the vision of the Federal Government 2021.

The consolidated annual report is an annual report issued with the approval of the consolidated annual financial statements of the federal authorities. The Ministry of Finance prepares it based on the final account reports submitted by the federal authorities, and includes the consolidated financial statements, which are: the consolidated financial performance statement, the consolidated financial position statement, the cash liquidity statement and the explanatory note.

The Ministry of Finance recently participated in the Asian Financial Forum, which concluded in Hong Kong. In line with its commitment to strengthen the UAE’s global relationships and showcase the UAE model, the ministry participated in the forum to strengthen cooperation and knowledge sharing in the financial sector.

Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, headed the ministry’s delegation to the Forum where he met with the Undersecretary of the Ministry of Finance in Hong Kong to discuss opportunities and financial challenges witnessed by the world and the region.

Commenting on the ministry’s participation, he pointed out that the Asian Financial Forum is an important platform to assess vital global economic issues, as well as to deliberate the challenges to achieving sustainable social and economic development. The conference brings together experts and specialists from various sectors for discussions and knowledge sharing in order to reach a consensus on financial and investment systems to achieve economic sustainability and stability for countries around the world.

Agencies