Enhancing Government Financial Reporting through IMF Workshop: Ministry of Finance Initiative
The United Arab Emirates (UAE) Ministry of Finance, in cooperation with the International Monetary Fund (IMF), recently conducted a specialized four-day workshop in Dubai. The workshop aimed to equip government personnel with the necessary skills to accurately prepare the government balance sheet as per the GFSM 2014 guidelines.
Key government departments, including the Central Bank, Federal Competitiveness and Statistics Centre, and financial institutions across the nation took part in the initiative. IMF experts led the sessions tailored towards refining the technical skills of government staff in the collection, processing, and publication of financial data.
The interactive workshop also sought to boost collaboration between authorities for improved data quality, transparency, and competitiveness at regional and international levels. Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector, affirmed the UAE's dedication to adopting global standards in advancing public financial statistics.
Al Yateem underscored the importance of the balance sheet as a critical decision-making tool for policymakers, offering a clear overview of government assets and liabilities for effective resource allocation and financial planning. The training program covered significant aspects such as government financial statistics' theoretical framework, balance sheet components, and compiling balance sheet reports.
Discussions covered data sources, institutional and technical enhancements, and developing a phased national implementation plan. UAE participants' active engagement impressed IMF officials, who highlighted the value of such initiatives in speeding up the progress towards international-standard financial reporting. The objectives of this collaborative effort align with the UAE's "We the UAE 2031" vision, aiming to enhance transparency and leadership in government financial management.
The UAE's Assistant Undersecretary for Government Budget and Revenue Sector, Saeed Rashid Al Yateem, emphasized the value of the balance sheet in providing decision-making insights for policymakers, asserting that this aligns with the country's commitment to leadership in government financial management. As a culmination of the four-day workshop, UAE participants and IMF officials discussed the development of a phased national implementation plan that aims to improve data quality, transparency, and competitiveness, thereby enabling the nation to adopt international standards in financial reporting as stipulated in the UAE's "We the UAE 2031" vision. This initiative also includes the government's finance department, particularly the Central Bank and Federal Competitiveness and Statistics Centre, cooperating with financial institutions to streamline data collection, processing, and publication, ensuring accurate government balance sheets in accordance with the GFSM 2014 guidelines.
