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Government Financial Policy Coordination Council

An overview of the council and its tasks


 

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. The council holds three periodical meetings annually, and it 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.

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Tasks and Competencies

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    Overseeing the collection of government financial data and reports at state level.

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    Overseeing the preparation of government financial policies.

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    Seeking mutual consultation on the balance sheet and budget in areas of government spending at state level to support economic development across the UAE.

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    Coordinating on policies related to increasing revenues, as well as tax policies.

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    Coordinating on the identification of project financing mechanisms either by lending or bonds issuance.

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    Coordinating on the sovereign credit rating of the Federal Government and local governments.

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    Seeking mutual consultation on emerging and influential financial matters relating to economic development in the UAE.

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    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 and Competencies Tasks and Competencies
  1. 01Collecting and preparing government financial statements at state level in accordance with the UAE Gate for Government Finance Statistics (GFS) Reports..

  2. 02Attending workshops and training courses related to the team mission.

  3. 03 Coordinating on e-linking Federal Government and local governments across the UAE via the UAE Gate for GFS Reports.

  4. 04Coordinating on IPSAS standards in the Departments of Finance in the UAE, and switching to accrual system.

  5. 05 Preparing the Classification of the Functions of the Government expenses (COFOG) according to international standards, and submitting to the Government Financial Policy Coordination Council.

  6. 06 Implementing the recommendations issued by the International Monetary Fund (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 and 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 Tasks and Competencies
  1. 01Collecting and preparing consolidated financial statements in line with international standards, in coordination with the relevant authorities.

  2. 02Preparing and publishing periodic financial reports for the state.

  3. 03Preparing and following-up the work of the Government Financial Policy Coordination Council and monitoring the implementation of its decisions.

  4. 04 Coordinating with the relevant authorities on macro-financial policy for the state.

  5. 05Coordinating with the International Monetary Fund (IMF), World Bank Group and International Institutions regarding applying standards and consolidating financial statements in the state.

  6. 06Any other competencies related to the work of the department or entrusted to it by the Assistant Under Secretary of the Resource and Budget Sector


Page last updated : 11/04/2018 2:29 PM