MoF launches new budgeting system
Abu Dhabi, September 26, 2012
The Ministry of Finance (MoF) has announced the launch of an automated budgeting system for independent federal entities in Abu Dhabi, in a bid to ensure the best use and development of federal government resources.
This is in line with agreements signed with various independent federal agencies, a statement from a ministry official said.
The meeting was attended by Saeed Al Yateem, the executive director of revenue and budget of MoF; Mariam Mohammad Al Amiri, the assistant undersecretary for management of financial resources; in addition to employees from the budget department and policies and accounting standards department at MoF.
The implementation of the project follows the Ministerial Council for Services decision number (164/12G/9) for the year 2010 on the inclusion of an electronic financial system for the federal government, the statement said.
The main objective behind the decision is the standardisation of accounting and financial reporting used by those bodies in accordance with the structure of the consolidated accounts approved by MoF.
In addition, it enables the ministry to build a central financial database for those entities, thereby contributing effectively in promoting the rapid completion of financial work and ensuring higher accuracy of the financial reports.
“This project is a result of the great efforts carried out by MoF over the past period in cooperation with various independent federal entities,” Al Yateem said. “It is meant to provide MoF with their budgets while ensuring non-interference by the Ministry in financial and administrative procedures for those independent bodies.”
“MoF recognises all those who worked with them side by side in implementing the decision of the Ministerial Council for Services on annexing independent federal bodies of the federal government, which support the pursuit of the Ministry to achieve its vision on being a global leader in the management of financial resources to achieve sustainable and balanced development for the UAE.”
The ministry has signed a range of agreements with independent institutions and governmental bodies. Those agreements identified all forms of cooperation and coordination that will take place between the parties and the terms and conditions for services provided or received by the Ministry, the statement said.
Additionally, they clarify all forms of cooperation in MoF’s training of those institutions and bodies with regard to the use of the new system.
MoF is now seeking to complete the integration of institutions and government bodies that are independent of the system. – TradeArabia News Service
More Finance & Capital Market Stories
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO
- Du enters $1.17 billion financing deals