Government Financial Policy Coordination Council Holds Its First Meeting For 2023

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 29th Mar, 2023) The Ministry of Finance (MoF) held the Government Financial Policy Coordination Council’s first meeting of 2023. Younis Haji Al Khoori, Undersecretary of Ministry of Finance and Chairman of the Council, chaired the meeting, which was held virtually, alongside Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at the Ministry of Finance.

The council hosted Sheikh Rashid bin Saqr Al Qasimi, Secretary-General of the Sharjah Award for Public Finance. Council members from several UAE government entities and the Central Bank of the UAE (CBUAE) attended the meeting.

In attendance were Ibrahim Obaid Al Zaabi, CBUAE's Assistant Governor of the Monetary Policy and Stability Department; Buthaina Al Mazrui, Deputy Director-General of Executive and Financial Affairs at the Department of Finance – Abu Dhabi; Arif Abdulrahman Ahli, Executive Director, Planning and General Budget Sector at DoF – Dubai; Waleed Al Sayegh, Director-General of the Sharjah Finance Department; Yousef Muhammad Al Balushi, Deputy Director-General of Ras Al Khaimah Finance Department; Khalifa Saeed Ghanim, Director General of DoF – Umm Al Quwain; and Mariam Abdullah Al Matroushi, Deputy Director of DoF – Fujairah.

Al Khoori emphasised the council’s significant role in enhancing the efficacy and effectiveness of government financial work and drawing financial policies that fall in line with government priorities to support the comprehensive economic development.

He said, "We will continue to work with all council members to devise proactive solutions and initiatives that assure readiness for the future, meet the aspirations of the next phase, and ensure the integrity of the UAE’s financial system.”

During the meeting, the council members previewed the second edition of Sharjah Award for Public Finance 2022-2023, which aims to improve the performance of Arab financial institutions by promoting quality and excellence and adopting the award’s excellence standards.

The award is also aimed at disseminating and exchanging expertise and best financial management practices. The Federal Competitiveness And Statistics Centre (FCSC) presented proposals on enhancing global competitiveness indices in government financial statistics.

The council members also reviewed the monetary and banking developments of the country, which were presented by CBUAE. They also reviewed the UAE’s consolidated financial statements, and compared state-level main revenues, other revenues, and expenditure items for the Q4 of 2022 compared to Q4 of 2021.