MoF advances government finance statistics in line with global standards

The UAE Ministry of Finance recently hosted a specialized workshop in Dubai focused on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS). This event, organized in collaboration with a technical mission from the International Monetary Fund (IMF), aims to bolster the nation's capacity in compiling and disseminating government financial data.

Saeed Rashid Al Yateem, Assistant Under-Secretary for Government Budget and Revenue Sector at the Ministry of Finance, emphasized the workshop's reflection of the Ministry's commitment to advancing the government financial data ecosystem. He highlighted the goal of enhancing the ability to provide accurate and reliable data, which is essential for effective financial planning and informed decision-making. These efforts align with the UAE's broader vision of promoting global best practices in public financial management.

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Government Finance Statistics and Public Sector Debt Statistics serve as twin pillars for strengthening fiscal transparency, improving the efficiency of government reporting, and offering a holistic view of public sector financial performance.

Al Yateem described GFS and PSDS as foundational elements for strengthening fiscal transparency and improving government reporting efficiency. He stated that these statistics offer a comprehensive view of public sector financial performance and that investing in them is vital for promoting fiscal sustainability and ensuring the country's resilience to evolving economic dynamics. The collaboration with the IMF underscores the Ministry's dedication to leveraging international expertise and adhering to recognized standards in data compilation and dissemination.

The workshop delved into the Government Finance Statistics Manual 2014 (GFSM 2014), covering its objectives, analytical tables, and reporting concepts. Participants also reviewed key aspects of Public Sector Debt Statistics, including debt instruments, sectoral classification, and valuation principles. Discussions extended to data dissemination standards, fiscal transparency requirements, and the coherence between GFS, PSDS, national accounts, and balance of payments statistics.

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Investing in these areas is crucial to promoting fiscal sustainability and enhancing the country’s readiness to navigate evolving economic dynamics with efficiency and resilience.