Abu Dhabi Government financial system enables competitive economy: DoF

ABU DHABI — As part of its endeavours to drive financial growth and develop sound fiscal policies, the Department of Finance- Abu Dhabi, has organised a seminar on Law No. 1 of 2017 on the Financial System of the Government of Abu Dhabi.

A briefing presentation was conducted by Riyad Abdulrahman Al Mubarak. Chairman of DoF, during the seminar on the objectives of the financial system, and its role in establishing a unified legal framework for managing public financial resources. He emphasised the system’s role in establishing an institutional framework characterised by a high level of transparency and accountability for the emirate to link government spending policies with public finance policy priorities and the Abu Dhabi plan.

He highlighted the pivotal role of the system in preparing a financial policy based on accurate forecasts of revenues and expenditures in line with the general policy of the emirate.

“The financial system helps in categorising all government entities in the emirate based on the sectors and areas of their work, and also in linking expenditures to outputs and overall performance of each entity, and the development of a legal regulatory framework that ensures sustainable financial performance and sustainable economic growth in Abu Dhabi”.

The system is key to advancing the development of a sustainable and competitive economy based on the frameworks that have been set by the Abu Dhabi Plan, he added, noting that it ensures optimal allocation and growth of financial resources through raising the efficiency of spending practices and directing them towards vital strategic sectors to attract more foreign investments and ensure competitiveness.

The system works by adopting a balanced fiscal policy that achieves sustainable economic growth, along with Abu Dhabi’s public policy, and preparing the draft budget on an economic and wise basis when estimating expenditures and revenues, he explained.

It also looks to enhance financial risk management operations, helping maintain reasonable levels of debt, which will result in numerous benefits for the emirate, ultimately contributing to building a prosperous future for Abu Dhabi’s residents, he added.

Source: Emirates News Agency