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Keen to position itself as a global leader in financial management, create a sustainable competitive economic environment and strengthen its relations with GCC countries, the UAE Ministry of Finance recently visited the Kuwaiti MoF to review the latest electronic financial systems adopted by the UAE federal government. The meeting took place over two consecutive days.
HE Mariam Mohammad Al Amiri, Assistant Undersecretary for the Management of Financial Resources, headed the MoF delegation. The delegation included Samia Thani Al Hameli, Director of Financial Operations; Abeer Abdouly, Director of Fiscal Policy Coordination; Jassim Ibrahim Haddad, Director of Human Resources; Mohammed Abudullah Al Zaabi, Head of Cash Flow Management and Sarah Habashi, Accountant at MoF.
Commenting on the visit, HE Younis Haji Al Khouri, Undersecretary of MoF, said: “MoF continuously seeks to strengthen its cooperative relations and exchange expertise with various local and regional partners. This visit confirms the Ministry’s commitment to enhance its position as a global leader in adopting best practices and mechanisms for e-government financial work.”
HE added: “The Ministry has become a leading figure for various GCC and Arab government entities specialised in the field of government financial work, Through its strong commitment to implement the wise leadership’s initiatives and strategic plans on government resources management, the Ministry has been able to strengthen its leading position and build a good reputation for the UAE in international and global forums. In addition, MoF’s work teams continuously seek to carry out all necessary research and adopt the latest high tech developments.”
During the first day of the visit, the UAE MoF delegation gave several presentations to attendees, which covered a range of topics such as the improvement of the Ministry’s performance in terms of executing its strategic plan over the last two phases, 2008-2010 and 2011-2013, the most prominent elements of the strategic plan for 2014-2016, in addition to clarifying the role of these plans in strengthening the UAE’s position as per global competitiveness indicators in the field of finance.
The Ministry also reviewed the procedures of general federal budget preparation, starting from the various stages of development up to adopting the zero based budgeting system. The delegation clarified the steps involved in the budget preparation and gave a detailed explanation of the budget plan for the strategic period 2014-2016, which was prepared according to an automated system. The Ministry’s delegation also gave a presentation which explored the adopted systems in government revenue forecasting and the related accounting procedures.
At the end of the first day, the UAE delegation showcased the ‘Adaee’ system, which has been adopted by the Human Resources Department to evaluate employees’ performance. The presentation focused on the steps involved in evaluating employees’ performance according to the tasks and functions entrusted to them.
The second day included discussions about the system used to implement the general federal budget. This was followed by a talk about the integrated federal financial system, its benefits and standards of services, as well as the obstacles faced by the Ministry when implementing the system. The Ministry also highlighted the advantages of adopting an advanced procurement system, and discussed automating the federal government’s final accounts.
The second presentation, entitled ‘Automated system for the budget preparation’, covered the different elements of budget planning, which have been designed by Oracle Hyperion Planning, as well as the benefits they offer.
The UAE delegation also reviewed the Ministry’s experience in adopting the analytical report system, the new structure of the federal government’s consolidated accounts, the e-Dirham system, GFS reports, as well as its expertise in financial coordination on a local and federal state level, which is led by the Council of Coordination of Fiscal Policies. The delegation also offered a detailed explanation of the Emirates Gate of GFS reports system and its role in enabling the Ministry to publish the UAE’s consolidated financial statements in the 2012 – 2013 international statistics book issued by the International Monetary Fund.
Additionally, the UAE delegation discussed its experience in accounting maps which are based on the demands of international entities such as the International Monetary Fund (IMF). Members of the delegation explained the most important developments in regards to the structure of the tree of accounts at a state level. The meeting was concluded with a presentation on the ‘INJAZ’ system, designed for the preparation and implementation of the Ministry’s strategic plan to achieve its mission and vision. The Ministry also discussed the Kuwaiti MoF’s views on best practices and their experiences in the same field.
UAE MoF recently received a delegation from the Kuwaiti MoF to review the UAE’s federal financial system and its subset systems.
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