MoF Organises A Virtual Workshop On The Saudi Ministry Of Finance’s Experience In Joining The SDDS
As part of its ongoing efforts to improve government financial work in the UAE and enhance financial disclosure and transparency processes in accordance with international standards, the Ministry of Finance (MoF) recently held a virtual workshop, in cooperation with the Saudi Ministry of Finance – to deliberate the Saudi experience in joining the Special Data Dissemination Standard (SDDS).
The UAE team participating in the workshop included His Excellency Saeed Rashid Al Yateem, the Assistant Undersecretary of Resources and Budget Sector at MoF, alongside senior officials from the Ministry of Finance, the Central Bank of the UAE, the Federal Competitiveness and Statistics Centre, Sharjah Department of Statistics and Community Development, RAK Center for Statistics and Studies, Ajman Statistics and Competitiveness Center, Dubai Statistics Center, Fujairah Statistics Center, and the Statistics Centre - Abu Dhabi. The Saudi team included His Excellency Abdulwahab Ibrahim Al-Babtain, Assistant Undersecretary of the Saudi Ministry of Finance for the Development of Financial Policies, alongside directors and senior officials from the Saudi Ministry of Finance, the National Debt Management Center, the Saudi Central Bank, and the Saudi General Authority for Statistics..
His Excellency Saeed Rashid Al Yateem stressed on the importance of the workshop to build on Saudi Arabia’s experience in joining the SDDS and review its implementation mechanism in accordance with the best international standards and practices. This comes within the framework of mutual coordination between both countries to review best practices and experiences.
His Excellency said: “The UAE is committed to achieving the highest levels of transparency and progress in disclosure of financial and economic data in accordance with international standards, enhancing its position on global competitiveness indices of financial and economic fields. At the Ministry of Finance, we will continue to strengthen cooperation and coordination with all our strategic partners at the local and international levels, and provide all means of support that contribute to achieving the country’s government strategies.”
The workshop reviewed an introduction to the SDDS and explained its importance for Saudi Arabia and the borrowing countries, and included a presentation on the standard’s sectors and the first steps for Saudi Arabia's joining to the SDDS. The workshop also deliberated the indicators of the real sector, the financial sector, the external sector, and the flexibility in the SDDS requirements. That, in addition to the Statistical Data and Metadata eXchange (SDMX) initiative, the key requirements for joining the SDDS, and publishing data after joining.
The Special Data Dissemination Standard (SDDS) is important to providing integrated and comprehensive data in terms of coverage, periodicity and time of publication, and helps devise sound macroeconomic policies, which aid in preventing or mitigating financial crises. Also, SDDS enhances the member country’s role in the international statistics map and strengthens its membership in the International Monetary Fund and the principle of transparency in publishing economic and financial data at the international level.
Saudi Arabia was the latest country to join the SDDS in September 2019.
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.