Ministry of Finance organises workshop on government balance sheet preparation in collaboration with IMF - Middle East Business News and Information
The Ministry of Finance, in collaboration with the International Monetary Fund (IMF), organised a specialised workshop titled 'Preparing the Government Balance Sheet According to the GFSM 2014 Guidelines' in Dubai.
The event brought together representatives from the Ministry of Finance, the Central Bank of the UAE, the Federal Competitiveness and Statistics Centre, and local financial departments nationwide.
Delivered over four days by IMF experts, the workshop aimed to strengthen the technical competencies of government staff and enhance their ability to accurately collect, process, and publish government financial data.
It also aimed to support the institutional cooperation and coordination among relevant authorities and benefit from the IMF expertise to enhance the quality of financial data and boost transparency as well as competitiveness at both regional and international levels.
Efficiency of financial planning:
HE Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at the Ministry of Finance, stated that organising the workshop reaffirms the UAE's commitment to constantly developing public financial statistics by not only adopting international standards but also providing a specialised training environment to enhance government entities' readiness for accurate and transparent balance sheet reporting.
'The balance sheet is a strategic tool that supports decision-makers. It offers a comprehensive view of government assets and liabilities, thereby improving financial planning efficiency and enabling the effective and sustainable allocation of resources,' Al Yateem said.
He added, 'The workshop provided an opportunity to identify technical needs and develop a unified national vision among federal entities and state-level financial departments regarding the methodology for preparing the balance sheet report. We are committed to developing financial statistics in partnership with international institutions to strengthen financial system transparency and reinforce the UAE's leadership in financial governance.'
International recognition:
IMF experts commended the high level of engagement and commitment demonstrated by UAE government departments. They emphasised the fundamental role such workshops play in accelerating progress toward preparing balance sheets in line with international standards and lauded the country's efforts to strengthen modern financial governance practices.
Agenda of meeting:
The workshop discussed a series of themes including the theoretical framework of government financial statistics, components of the balance sheet, and methodologies for preparing balance sheet reports based on government financial data.
It also highlighted successful international experiences in compiling and publishing balance sheet data, assessed data sources at both federal and local levels, addressed institutional and technical improvements in data collection and publication, and discussed a national roadmap for the phased implementation of the balance sheet, aimed at enhancing transparency and improving the quality of government financial statistics.
Strategic orientation:
These efforts align with the UAE's strategic vision to enhance financial transparency, adopt the latest international standards, and establish leadership in government financial reporting, in accordance with the objectives of the 'We the UAE 2031' vision.
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