Ministry of Finance Holds Government Financial Policy Coordination Council’s First Meeting for 2021
The Ministry of Finance (MoF) recently held the Government Financial Policy Coordination Council's first meeting of the year. His Excellency Younis Haji Al Khoori, Undersecretary of MoF and Chairman of the Council, chaired the meeting, which was held virtually, alongside His Excellency Saeed Rashid Al Yateem, the Assistant Undersecretary of Resources and Budget Sector and the Vice-President of the Council.
Council members from several UAE government entities attended the meeting. In attendance were: His Excellency Dr. Sabri Hamed Al Azazi, Chief Operating Officer at the Central Bank of the UAE; His Excellency Mohamed Khaleefa Alnuaimi, Director General of Executive and Financial Affairs at DoF - Abu Dhabi; His Excellency Arif Abdulrahman Ahli, Executive Director, Planning and General Budget Sector at DoF – Dubai; His Excellency Waleed Ibrahim Al Sayegh, Director General of the Sharjah Finance Department; His Excellency Yousef Muhammad Al Balushi, Director General of Ras Al Khaimah Finance Department; His Excellency Marwan Ahmed Al Ali, Director General of DoF - Ajman; His Excellency Khalifa Saeed Ghanim, Director General of DoF – Umm Al Quwain and Her Excellency Mariam Abdullah Al Matroushi, Deputy Director of DoF – Fujairah.
His Excellency Al Khoori welcomed the new members and praised the efforts of all Council members to devise proactive solutions and initiatives. This is in order to keep pace with the next phase’s requirements and support the UAE’s financial and monetary policies. His Excellency Al Khoori said: “The Government Financial Policy Coordination Council is keen to continue working to enhance the efficiency and effectiveness of government financial work and ensure the safety of the country’s financial system.”
During the meeting, MoF made a presentation on the UAE’s annual financial statements, and emphasised the importance of meeting the requirements to join the Special Data Dissemination Standard (SDDS); and submitting the quarterly, annual and descriptive data on time to prepare the country’s financial reports. The ministry made another presentation on the joint fee initiative and discussed the latest developments related to the Public Debt strategy. A presentation by the Central Bank on the latest monetary and banking developments in the country also took place in the meeting.
The Government Financial Policy Coordination Council holds three meetings annually, and it is reconstituted every three years. The Council was formed by the UAE Cabinet's decision No. (39) of 2008, and its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments and a representative of the Central Bank of the UAE.
UAE Ministry of Finance
The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.