The UAE has been ranked first in the “Efficiency of Government Spending” index, a sub-criteria of the World Competitiveness Report issued by the World Economic Forum (Davos) in Switzerland, having ranked second for three previous years.  

Since 2010, the UAE has achieved high rankings among the top 10 countries in the “Efficiency of Government Spending” index, where the country rose from the 7th position globally, to 3rd in 2013, and then maintained the status of 2nd worldwide in 2014, 2015 and 2016 to now first in 2017.
 
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, presented this achievement to Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stressing that this success is a reflection of the wise leadership's vision and guidance in raising the efficiency of spending and directing it to serve the vital sectors in the country, which would meet the requirements of sustainable development process and achieve prosperity and affluence for the nation and its residents.

"The UAE's first place in the 'Government Spending Efficiency' Index confirms the value and confidence of the UAE Government's global efforts and recognises the outstanding management capabilities and effective monetary and financial policies of the UAE,” said Sheikh Hamdan.

He praised the efforts exerted by all the working teams in the Ministry of Finance as well as the fruitful cooperation between the various government bodies, which played a pivotal role in ranking and achieving first place.

"The Ministry of Finance continues its efforts to adopt and implement the best practices with regards to effective financial management, which are based on a set of values and benchmarks aimed at protecting and developing the financial system and building a stable and sustainable economy that is flexible and diversified, to ensure prosperity and affluence for current and future Emirati generations, as well as achieving the global leadership of our beloved homeland,” Sheikh Hamdan.

He praised the important role played by local departments of finance, and the hand in hand work done with the Ministry of Finance, in terms of consolidating views and in the direction taken when preparing the general budget, which are both based on the best standards of disclosure and transparency within a government framework. This in turn contributed to implementing development projects carried out by government entities, and raising the country’s competitiveness levels and its high ranking status in international reports.

Reem bin Ibrahim Al Hashimy, Minister of State for International Cooperation and Chairwoman of the Federal Competitiveness and Statistics Authority said: "I would like to congratulate His Highness Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and his team at the Ministry for this global achievement, the UAE today is on the global competitiveness map as one the world’s most efficient governments.”

Al Hashimy added:“I would also like to thank the employees of both federal and local government entities in the UAE for their commitment and sense of responsibility to protect our nation’s resources, without compromising on providing the best service to ensure the happiness of UAE citizens and residents."

The Ministry of Finance prepares the budget for the federal government according to a zero-budget model based on periodic plans every five years, and a medium-term strategic operational plan that works to control and raise the efficiency of the government's financial work to achieve the development goals of the nation.

In the process of budget preparation, the Ministry is committed to re-calculating the cost of the activities carried out by various government entities from the beginning until reaching the real cost. This allows for comparisons between the cost of similar activities in various government entities and other private sector entities and the international community to maximize the positive effects in society in return for government spending.

The Global Competitiveness Report of the World Economic Forum (Davos) in Switzerland is one of the most important global reports that annually monitors the performance and competitiveness of the economies of the world in terms of strengths and weaknesses and their impact on the standard of living, prosperity and well-being of their citizens and residents.

The report has been issued annually since 1971, with the aim of supporting nations in identifying obstacles to sustainable economic growth, and developing strategies towards prosperity and poverty reduction. And it is one of the reports that provides a comprehensive assessment of the strengths and challenges of the economies of nations.

The report monitors the economy of 138 countries, which were classified through the performance of 114 indicators listed in 12 key axes, such as institutions and infrastructure, education, health, innovation and efficiency of labour market among others. The assessment is based on data and statistics from the countries participating in the report, as well as opinion polls and questionnaires by chief executives and senior investors in those countries. – TradeArabia News Service