UAE Ministry of Finance holds workshop about financial rules

The UAE Ministry of Finance (MoF) recently held a workshop to raise public awareness about financial rules and objectives.

The workshop was attended by Younis Haji Al Khoori, undersecretary of MoF; Saeed Rashid Al Yateem, assistant undersecretary of resources and budget sector at MoF; Mariam Mohammad Al Amiri, assistant undersecretary for the management of financial resources; Abeer Ali Alabdooli, director of fiscal policy department at MoF; Azza Al Suwaidi, director of revenue development department at MoF; and other employees from the MoF.

“The Ministry of Finance remains committed to establishing effective financial rules in line with international best practices in government financial work as part of the important role it plays in supporting sustainable economic development in the country,” Al Khouri said. “Government objectives differ from one country to another in terms of implementing effective financial rules but various governments share similar goals including the achievement of overall stability in the short and medium term, reducing tax burdens, supporting financial and monetary policies, ensuring financial sustainability and avoiding deficits in local government budgets.

"The recent global economic crisis produced large deficits across many countries’ budgets," Al Khouri said. "This was reflected by sovereign debt accumulations and the loss of confidence in governments, which encouraged decision-makers to implement proactive measures to continue developing financial management systems, monetary policies and governance standards. These developments are designed to enhance the credibility of public finance policies, and facilitate the evaluation of assets and costs to limit financial deficits possibilities and improve financial supervisions, as well as transparency and government expenditure frameworks."