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Government Financial Policy Coordination Council

An overview of the council and its tasks


             

The Fiscal Policy Coordination Council was formed by the Honorable Council of Ministers Decree No. (39) Of 2008, and its membership consists of the Undersecretary of the Ministry of Finance, representatives of local governments in each emirate and a member from the Central Bank. Three periodic meetings are held every year, and the board is reconstituted every three years.

The first meeting was held during 2008, with the participation of all members of the Council who were nominated by the executive councils and the offices of rulers in each Emirate. Annual reports are submitted on the work of the Financial Policy Coordination Council to the Council of Ministers.

            
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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

The technical team for the Fiscal Policy Coordination Council was formed by administrative decree issued by the Ministry of Finance. The team include representatives from the Ministry of Finance and the finance departments of the UAE governments, aiming to provide the necessary support to the Council and present quarterly and annual reports on the UAE consolidated financial statements to the Council.

Tasks and Competencies Tasks and Competencies
  1. 01Collecting and preparing government financial data at the UAE level in accordance with the Emirates Portal for Government Finance Statistics Reports...

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

  3. 03 Coordination on the integration for the government finance statistics reports Emirates Gateway system between the federal government and the UAE governments.

  4. 04Coordination on fiscal policy requirements at the UAE level, and implementation of the recommendations of the Government Financial Policy Coordination Council at the UAE level.

  5. 05 Meet local and international needs for public finance data (government finance statistics).

  6. 06Submit periodic reports to the Government Financial Policy Coordination Council on the UAE's financial statements.

  7. 07Developing the Emirates Gate system for government finance statistics reports, according to the requirements.

  8. 08Coordination to provide the requirements of the relevant global competitiveness and government efficiency indicators.

  9. 09Prepare any additional reports that are requested based on the recommendations 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​​​​​​