MoF Holds the Government Financial Policy Coordination Council’s Third Meeting of 2018

The Ministry of Finance (MoF) held the Government Financial Policy Coordination Council’s third meeting of 2018 at its headquarters in Abu Dhabi and Dubai. HE Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Government Financial Policy Coordination Council headed the meeting, which was also attended by Saeed Rashid Al Yateem, Assistant Under-Secretary of Resources and Budget Sector at MoF and Vice Chairman of the council.

The meeting was held in the presence of council members from various UAE government entities representing their respective finance departments, including, HE Safwan Obeid Hassan bin Safwan, Executive Director of Government Accounts Sector at the Department of Finance (DoF) – Abu Dhabi; HE Arif Abdul Rahman Ahli, Executive Director of Budget and Planning at DoF – Dubai; HE Waleed Al Sayegh, Director General of the Finance Department of the government of Sharjah; HE Marwan Ahmed Al Ali, Director General of Ajman Department of Finance; HE Yousef Al Blooshi Director General of DoF – Ras Al Khaimah; HE Khalifa Saeed Ghanim, Director General of the Department of Finance and Administration in the Emirate of Umm Al Quwain and HE Youssef Abdullah Al Awadi, Deputy Director of DoF – Fujairah and representative of the UAE Central Bank.

HE Younis Haji Al Khoori stressed the pivotal role that the Government Financial Policy Coordination Council plays in studying financial data, discussing the latest issues and changes in financial policies on a national, regional and global level, and developing strategic plans to strengthen the nation’s competitiveness and support sustainable economic development. HE said: “The council studies budget and disbursement projects with the aim of achieving the highest levels of efficiency in government spending and the development and diversification of government revenues. This will enhance the nation’s position in global competitiveness reports, especially in financial indices of government spending.”

The nation’s 2017 annual Government Financial Statistics (GFS) database and its 2018 quarterly Government Finance Statistics Manual (GFSM) were reviewed at the meeting. National revenues and expenditures developments from 2010 to 2017 were also discussed.

The council gave a summary of the UAE government’s annual meeting section on spending efficiency, in addition to a report on the financial laws issued between 2016 and 2018. A detailed presentation on the protection and safety program regarding the financial system in the country was also made. They also discussed the most important and latest financial, monetary and banking developments on a local, regional and global level.

The Government Financial Policy Coordination Council was formed by the UAE Cabinet. Its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments and a representative of the UAE Central Bank. Three periodical meetings are held annually and the council is reconstituted every three years.