MoF Discusses 2018 Consolidated Annual Report
The Ministry of Finance (MoF) announced this morning the results of the 2018 Consolidated Annual Report of the federation, and the final accounts of independent entities. The announcement came alongside the ministry’s participation in the Federal National Council (FNC)’s third meeting, which took place at the FNC headquarters in Abu Dhabi. The report stated the value of revenues reached AED 56.1 billion in 2018, an increase of 7.2% since 2017, against expenses amounting to AED 54.0 billion, an increase of 5.6% since 2017, resulting in a budget surplus of AED 2.1 billion, an increase of 78.9% over 2017.
H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, H.E. Younis Haji Al Khoori, Undersecretary of MoF, HE Mariam Al Amiri, Under Secretary of the Financial Management Sector, and the ministry’s relevant team, participated in the meeting.
H.E. Obaid Humaid Al Tayer reviewed the consolidated annual report of 2018, which included a summary of the data collected, and the consolidated financial performance statement, in addition to the efforts of the Ministry of Finance in developing the consolidated financial performance of the federal government. H.E. said: “The ministry is committed to submitting the consolidated annual report in accordance with international best practices, in order to depict an accurate picture of the nation’s financial position, and draw up financial policies that elevate the Union’s financial position.”
Based on the results of the 2018 consolidated annual report, 33.7% of the revenues were from UAE emirates, and 66.3% from other sources. The expenditures were divided between employee compensation amounting to 41.2%, commodity and service requirements amounting to 29.3%, and other expenses amounting to 29.3%.
The consolidated financial performance statement noted that the revenue implementation rate amounted to 102.3% comprising of taxes, social contributions, and other federal contributions and revenues. The expenditure implementation rate amounted 95.8% and included citizens compensation, commodity and service supplies, subsidies, grants, social benefits, other expenses, and assets that have financial credits.
The value of the current assets amounted to AED 44.2 billion, and included bank balances at 34.2%, and other receivables by 65.8%. As for the current liabilities, they amounted to AED 27.6 dirhams, which included 1.3% of bank accounts payable, and 65.8% of other credit balances.
H.E. Obaid Humaid Al Tayer affirmed the ministry’s keenness to improve the effectiveness and efficiency of financial reports and data in the Federal Government. This is to provide data that reflects the true financial performance of the Union, and support the decision-making process based on sound planning for the distribution of available financial resources, which in turn contributes to achieving comprehensive and sustainable economic and social development in accordance with the vision of the Federal Government 2021.
The consolidated annual report is an annual report issued with the approval of the consolidated annual financial statements of the federal authorities. The Ministry of Finance prepares it based on the final account reports submitted by the federal authorities, and includes the consolidated financial statements, which are: the consolidated financial performance statement, the consolidated financial position statement, the cash liquidity statement and the explanatory note.
UAE Ministry of Finance
To be a global leader in the fiscal field and to contribute to achieving the UAE Vision.
To efficiently and proactively manage and develop the federal government financial resources through active fiscal policies, excellent abilities, and local and
international relations in order to achieve development, sustainability, and integrity of the fiscal system in accordance with best practices.