MoF Organizes Two Workshops on the UAE’s System of Financial Statistical Reports

The Ministry of Finance (MoF), recently organized two workshops on enhancing the system of financial statistical reports in the UAE. The first workshop targeted the financial departments of the UAE government, while the second was aimed at independent federal authorities in the country.

Both workshops focused on raising awareness on the importance of further improving financial statistical reports in the UAE in terms of coverage, periodicity and publication time. The seminars utilized accurate statistical data to draft sound macroeconomic policies that support withdrawing policies, as well as enhance the country's standing on the global stage. 

H.E. Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF said: “The UAE, with its efforts to develop a system of financial statistical reports, data disclosure and publication, aims to be among the top nations in the world in terms of economic and social development by Union’s Golden Jubilee in 2021.”

H.E. Al Yateem added: "This approach is based on discussions and recommendations of the Financial Policy Coordination Council at the national level. The goal is to achieve the highest levels of transparency and progress in financial and economic data disclosure - the objective is to provide integrated and comprehensive information to enhance the principle of transparency of divulging economic and financial reports in accordance with international standards. This would help foster sound macroeconomic policies and mitigate financial crises.”

During the workshops, the ministry assessed the requirements to improve the financial statistical reports system in the UAE, as well as the international best practices in this field. This includes the publication and coverage of current data, as well as its periodicity and update according to international standards. Also deliberated at the workshop was the impact of boosting the current reporting system on the UAE Portal System for Government Finance Statistics (technical impact). 

The recommendations presented at the end of the workshops were: bolstering the publication of public financial data monthly, up-to-date data, upgrading e-linking systems with the UAE Portal System for Government Finance Statistics to receive that data, updating the National Summary Data Page (NSDP) for fiscal information, and finally preparing a schedule of expected publication dates for monthly and yearly data on MoF’s webpage.

The UAE has been a member of the e-GDDS since June 2018. The e-GDDS requires public financial data to be published on a quarterly and annual basis. Publication of public financial data on a monthly basis will support the country’s efforts to join the SDDS.