UAE Ministry of Finance to enhance financial coordination

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Sunday 16, September 2018

Representatives from various financial departments in the UAE, as well as the UAE Central Bank, were part of the discussion.

The Ministry of Finance (MoF), in collaboration with the World Bank Group (WBG), held a roundtable discussion on the project to strengthen the financial coordination of the health and education sectors at the ministry headquarter in Dubai. Representatives from various financial departments in the UAE, as well as the UAE Central Bank, were part of the discussion.

The discussion on the project was opened by ministry officials, followed by a presentation by the WBG’s team which is chaired by Naoko Kojo. Furthermore, Fernando Blanco, WBG economist, gave a presentation on the financial coordination processes in the UAE along with recommendations on developing them, as well as providing context in the sector  vis a vis the UAE and other countries. As part of the session the participants had an opportunity to have their questions answered by experts and specialists from WBG.

HE Saeed Rashid Al Yateem, Assistant Undersecretary of the Resources and Budget Sector, stressed the importance of financial coordination for the health and education sectors and their contribution to promoting economic diversification. "Effective financial coordination contributes to sound financial balance. This enables financial stability and enhances the effectiveness of government programs' spending and drives economic diversification in the UAE.”

Al Yateem added that the MoF is collaborating with the WBG on the project of strengthen financial coordination, with this session aimed at sharing expertise and identifying the best knowledge transfer when it comes to international best practice in this field as well as providing government entities with the opportunity to meet with experts and specialists in the field and discuss relevant issues at local and federal levels.

The MoF is working with the WBG to implement the Financial Coordination Project for the health and education sectors in the UAE and the current coordination methodology for these sectors has been studied and contrasted with countries that are leaders in these areas. A guide on implementing these policies, along with the development of a database, a unified financial model and development of a training manual for the country’s technical team is on the cards.

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