Reaffirming its commitment to further develop and modernise the financial system at a federal government level, the Ministry of Finance (MoF) held a series of business workshops specialising in the new Federal Financial System (12) at the Ministry’s Headquarters in Abu Dhabi and in the halls of the Ministry of Labour in Dubai. At the start of 2014, this system will be implemented in all federal government ministries in the UAE.

MoF divided the first part of the workshop into two sessions, ‘Financial Systems’ and ‘Procurement and Storage Systems’. The first session covered the payment, general ledger, revenue and cash management systems. As for the second session, three systems were presented, including procurement, storage and fixed assets. Additionally, the introduction of the new version of the Federal Financial System (12) is divided into three main phases which end in 2015 with the implementation of 15 sub-systems to serve the federal Government’s requirements.

The workshops were attended by employees from several ministries and federal government entities which are involved with the sub-systems of the Federal Financial System, including the Ministry of Interior, Ministry of Foreign Affairs, Ministry of Education and the Ministry of Health, amongst others. Furthermore, the workshops were designed to introduce employees to the system’s features and functions, which have been developed to meet the requirements of the federal government, in accordance to international best practices.

The workshops were also used as a means to gain employee feedback about the mechanisms and procedures to implement and develop the system once it is applied. In addition, MoF highlighted the future role of the employees, in regards to the training process and testing of the system during the next stage of the project. MoF’s team received around 850 comments from 16 ministries and 12 federal entities, and is set to review and classify these points in order of importance, before they are actioned.

Commenting on this workshop, HE Mariam Mohammad AL Amiri, Assistant Undersecretary for the Management of Financial Resources at MoF said: “MoF strives to build strategic partnerships with various ministries and federal government entities in the UAE. We also continuously invest time and effort into maintaining these relations to further develop the federal financial system and strengthen its ability to meet the needs of the federal government in line with international best practices.”

HE added: “These workshops will allow the Ministry to achieve the best results in terms of implementing the new version of the Federal Financial System (12), which meets the requirements of the federal government’s work, according to new financial plans which will guarantee a better use of the federal government’s resources. The new system will enable us to better support the UAE in achieving sustainable and balanced economic development”

The Federal Financial System consists of a full range of electronic systems, which enhance the Ministry’s capabilities, in terms of financing the federal entities, the management and governance of financial procedures as well as the control of exchange budgets of federal entities in order to assign and develop their services.
 

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