Government Financial Policy Coordination Council
The Government Financial Policy Coordination Council was formed by Resolution No. 39 of 2008 of the Cabinet. Its members consist of the Undersecretary of the Ministry of Finance, representatives from local UAE governments, and a representative of the UAE Central Bank.
Three periodical meetings are held annually, and the council is to be reconstituted every three years.
The first meeting was held in 2008, with the participation of all members nominated by the Executive Councils and Rulers' Courts of each emirate. Annual reports of the work completed by the Financial Policy Coordination Council are submitted to the Cabinet.
Tasks and competencies:
- Overseeing the collection of government financial data and reports at state level.
- Overseeing the preparation of government financial policies.
- Seeking mutual consultation on balance sheet and budget in areas of government spending at state level to support economic development across the UAE.
- Coordinating on policies related to increasing revenues, as well as tax policies.
- Coordinating on the identification of project financing mechanisms either by lending or bonds issuance.
- Coordinating on the sovereign credit rating of the Federal Government and local governments.
- Seeking mutual consultation on emerging and influential financial matters relating to economic development in the UAE.
- Coordinating on relevant requirements of Global Competitiveness Indicators and government efficiency at state level.
Technical Team of the Government Financial Policy Coordination Council
A Technical Team of the Government Financial Policy Coordination Council was formed by virtue of an administrative decision taken by the Ministry of Finance (MoF). The team includes representatives from MoF, and the financial departments of local governments in the UAE to provide the necessary support, and submit quarterly reports on the UAE’s consolidated financial statements to the council.
Tasks of the Technical Team:
- Collecting and preparing government financial statements at state level in accordance with the UAE Gate for Government Finance Statistics (GFS) Reports.
- Attending workshops and training courses related to the team mission.
- Coordinating on e-linking Federal Government and local governments across the UAE via the UAE Gate for GFS Reports.
- Coordinating on IPSAS standards in the Departments of Finance in the UAE, and switching to accrual system.
- Preparing the Classification of the Functions of the Government expenses (COFOG) according to international standards, and submitting to the Government Financial Policy Coordination Council.
- Implementing the recommendations issued by IMF on the technical support project aiming at coordinating financial policies at state level subject to the approval of the Government Financial Policy Coordination Council.
Department of Coordination of Fiscal Policies
The Department of Coordination of Fiscal Policies was established by the Cabinet Resolution No 3 of 2009 of the organisational structure of MOF. The department consists of the Consolidating Fiscal Policies Division, which consolidates fiscal policies on both the federal and local levels, identifies the legislative framework to set the rules governing the process of consolidating and collecting financial statements, in addition to monitoring the work of the Government Financial Policy Coordination Council.
The department also consists of the Consolidating Fiscal Statements Division, which consolidates financial data in accordance with international standards and in coordination with the concerned authorities in order to issue the consolidated financial report at state level. Additionally, it identifies data gaps and takes the necessary measures to increase the overall quality of the prepared reports
Tasks and competencies:
- Collecting and preparing consolidated financial statements in line with international standards, in coordination with the relevant authorities..
- Preparing and publishing periodic financial reports for the state.
- Preparing and following-up the work of the Government Financial Policy Coordination Council and monitoring the implementation of its decisions.
- Coordinating with the relevant authorities on macro-financial policy for the state.
- Coordinating with the International Monetary Fund (IMF), World Bank Group and International Institutions regarding applying standards and consolidating financial statements in the state.
- Any other competencies related to the work of the department or entrusted to it by the Assistant Under Secretary of the Resource and Budget Sector.
UAE Gateway to reports GFS (this content is available only in arabic)
UAE Gate for Finance Statistics Reports "Manual"
Government Finance Statistics Manual 2014
Main Changes From The GFSM 2001-Based Questionnaire
Government Finance Statistics Manual 2001
Cabinet Resolution No.24 of 2015 Council Policy Coordination
UAE Government Finance Statistics (GFS) Report