MoF, IMF delegates meet for Article IV consultation

ABU DHABI — The Ministry of Finance, MoF, welcomed the International Monetary Fund’s, IMF, delegation at its headquarters in Abu Dhabi recently for consultations on Article IV for 2017.

Both parties reviewed the latest updates on the UAE’s Financial Performance Indicators and the Economic Performance Index. Discussions focused on economic management updates and financial policies that are being implemented in the ministry, as well as budget performance indicators, fiscal policy coordination efforts, innovative and government resource enhancement initiatives, accounting policies and procedures, and financial operations. They also explored the introduction of the Al Etihad Export Credit Company and its activities.

The meeting was held with Younis Haji Al Khoori, Under-Secretary of the MoF, Khalid Ali Al Bustani, Assistant Under-Secretary of the International Financial Relations Sector, Saeed Rashid Al Yateem, Assistant Under-Secretary of the Resources and Budget Sector, Mariam Mohammed Al Amiri, Assistant Under-Secretary for the Management of Financial Resources, and a number of executive managers of the MoF in attendance.

During the meeting, Al Khoori highlighted the challenges that the global economic landscape is currently facing considering the continual drop in the prices of goods and commodities on an international level. He added that the UAE is well aware of the need to enhance the analysing function of its financial policies, in addition to implementing practical strategies to improve its financial planning and policy development capabilities.

He said that a solid structure is needed to promote financial performance, which will in turn aid in achieving those goals. This structure has to be adopted as part of the ministry’s daily operations, serving the purpose of supporting the UAE’s local economy.

“The ministry has been working on further developing the proposal provided by the IMF and the World Bank Group on unifying economic policies. We have formed a Macro-Fiscal Policy Department, which is tasked with analysing financial risks, making reports on the best practices and international case studies, and developing the Financial Risks Manual. It would cover tools for managing risks in the budgeting process,” the under-secretary added.

During the meeting, the MoF made a presentation on the Federal Budget for 2017, which included categorised government spending, the Federal Budget for 2018, the future government’s structure, the ministry’s role in providing financial resources, and assessing the financial system and its roadmap for implementation.

Attendees also focused on the Government Finance Statistics, GFS, which was developed by the MoF in accordance with the IMF’s Government Finance Statistics Manual for 2014. The MoF’s system combines and unifies financial data, and reviews them electronically on both local and federal levels.

Source: Emirates News Agency