UAE Ministry of Finance Enhances Government Finance Statistics

UAE, 28 November, 2024 : The UAE Ministry of Finance (MoF), in partnership with the Technical Team of the Government Financial Policy Coordination Council, conducted field visits to financial departments across the country. The initiative aims to advance the Government Finance Statistics (GFS) Project, enhance data quality, and support sustainable development aligned with global best practices.

Younis Haji AlKhoori, Under-Secretary of MoF, highlighted the importance of accurate data for crafting economic policies and building trust in the national economy. The visits emphasized coordination with financial departments to modernize systems, foster fiscal balance, and drive sustainable growth.

Key discussions included the achievements of the GFS Project, such as the UAE Cabinet’s approval of the 2023 annual data, and strategies for compiling quarterly and annual data for 2024. Participants reviewed IMF recommendations, explored implementing the 2014 GFS Manual, and addressed challenges in enhancing financial reporting.

Plans to develop an electronic linkage system connecting financial departments with the UAE’s GFS Reporting Portal were also discussed. This digital initiative aims to improve data transparency, streamline reporting, and strengthen the UAE's global financial standing.