Ministry of Finance Strengthens Government Financial Reporting with IMF Workshop
The UAE Ministry of Finance partnered with the International Monetary Fund (IMF) to host a specialised four-day workshop in Dubai focused on preparing the government balance sheet according to the GFSM 2014 guidelines.
This initiative brought together key government bodies, including the Central Bank, Federal Competitiveness and Statistics Centre, and financial departments across the country.
IMF experts led the sessions aimed at enhancing the technical skills of government staff to accurately collect, process, and publish government financial data. The workshop also fostered greater coordination among authorities to improve data quality, transparency, and competitiveness at regional and international levels.
Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector, emphasised that the workshop reflects the UAE's ongoing commitment to advancing public financial statistics by adopting global standards and providing specialised training for government entities. He described the balance sheet as a critical tool for decision-makers, offering a clear view of government assets and liabilities to support effective resource allocation and financial planning.
The training covered key topics including the theoretical framework of government financial statistics, balance sheet components, and methodologies for compiling balance sheet reports. Discussions also included reviewing data sources, institutional and technical improvements, and developing a national roadmap for phased implementation.
IMF officials praised the active engagement from UAE participants and highlighted the importance of such initiatives in accelerating progress toward international-standard financial reporting. These efforts align with the UAE's "We the UAE 2031" vision to enhance transparency and leadership in government financial governance.
News Source: Emirates News Agency
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 days ago
- Zawya
International Monetary Fund (IMF) Staff Conclude Article IV Discussions and Reach Staff-Level Agreement on the Third Review of the Extended Credit Facility for Ethiopia
IMF staff and the Ethiopian authorities have reached staff-level agreement on economic policies to conclude the third review of the four-year US$3.4 billion Extended Credit Facility arrangement. Once approved by the IMF Executive Board, Ethiopia will gain access to about US$260 million in financing. Ethiopia's macroeconomic performance has exceeded program expectations, with better-than-forecast results for inflation, export growth, and international reserves. Maintaining reform momentum remains essential for consolidating recent gains, correcting macroeconomics imbalances, restoring external debt sustainability, laying the foundations for high, private sector-led growth, and ensuring the success of Ethiopia's homegrown reform agenda. A staff team from the International Monetary Fund (IMF) led by Mr. Alvaro Piris, visited Addis Ababa from April 3 to 17, 2025, to discuss the 2025 Article IV consultation and the third review under the Extended Credit Facility (ECF). Discussions continued at the Spring Meetings in Washington DC, April 21-28, and subsequently. The ECF arrangement was approved by the IMF Executive Board on July 29, 2024, for a total amount of US$3.4 billion (SDR 2.556 billion). Subject to approval by the IMF Executive Board, the third review will make available about US$260 million (SDR191.7 million), bringing total IMF financial support under the ECF arrangement so far to about US$1,849 million (SDR1,406.4 million). Today, Mr Piris issued the following statement: 'The IMF staff team and the Ethiopian authorities have reached staff-level agreement on the third review of Ethiopia's economic program under the ECF arrangement. The agreement is subject to the approval of IMF management and the Executive Board in the coming weeks. A memorandum of understanding with official creditors is expected to be agreed ahead of the IMF Board's consideration of the third review. 'The authorities' policy actions in the first year of the program have yielded strong results. The transition to a flexible exchange rate regime has proceeded with little disruption. Measures to modernize monetary policy, mobilize domestic revenues, enhance social safety nets, strengthen state-owned enterprises, and anchor financial stability continue to show encouraging results. Macroeconomic indicators have performed better than expected, with substantially better outcomes than forecast for inflation, goods exports, and international reserves. 'Recent policy action should help deepen the FX market and tackle remaining distortions. While real exchange misalignment has been corrected and FX availability has improved from a year ago, the spread between the official and parallel market widened again in early 2025 and high fees and commissions persist. Actions that are being rolled out to enhance transparency, reduce costs, ease restrictions on current account transactions, and strengthen prudential regulation will help to improve the functioning of the FX market. 'Maintaining reform momentum will be key to consolidating gains and securing sustainable high growth. Continued tight monetary and financial conditions will be important for managing inflation and exchange rate expectations. Further revenue mobilization is needed to provide sustainable financing for critical development spending. Reforms to improve the business environment, ensure fair taxation practices, encourage foreign direct investment, and facilitate open dialogue with business will be important to secure private sector investment. Efforts to end the remaining elements of financial repression and develop the capital market will help to mobilize savings and support the efficient allocation of capital. 'The staff team is grateful to the authorities for the excellent policy discussions and their strong commitment to the success of the IMF-supported economic program. The team met with Minister of Finance Ahmed Shide, Governor of the National Bank of Ethiopia Mamo Mihretu, State Minister of Finance Eyob Tekalign, and other senior officials. Staff also had productive discussions with representatives of banks and businesses that are operating in a range of sectors and representatives of civil society.' Distributed by APO Group on behalf of International Monetary Fund (IMF).
Zawya
3 days ago
- Zawya
Ethiopia, IMF staff agree programme review that could unlock $260mln
Ethiopia and the International Monetary Fund have reached a staff-level agreement on the third review of the country's $3.4 billion loan programme from the lender, the Fund said on Friday. Once approved by the IMF's Executive Board, Ethiopia will gain access to another $260 million in financing. "The (Ethiopian) authorities' policy actions in the first year of the programme have yielded strong results. The transition to a flexible exchange rate regime has proceeded with little disruption," the IMF statement said. "Macroeconomic indicators have performed better than expected, with substantially better outcomes than forecast for inflation, goods exports and international reserves." (Reporting by Alexander Winning; Editing by Hugh Lawson)
Zawya
3 days ago
- Zawya
Saudi Aramco could tap debt markets again after $5bln bond sale
Saudi Aramco has published a new prospectus for its issuance programme of Islamic bonds or sukuk, signalling the state oil major may soon tap the debt markets again after it raised $5 billion from a three-part bond sale this week. The prospectus, submitted to the London Stock Exchange where the sukuk would be listed, is dated May 30. Aramco has a year to issue sukuk under its terms. Aramco earlier this week raised $5 billion from a sale of conventional bonds. The borrowing comes after economic uncertainty and rising supply hit crude markets, denting the top oil exporter's profits. "Aramco is likely looking to take advantage of a window of relative market calm to issue debt again," said Zeina Rizk, co-head of fixed income at Amwal Capital Partners. Aramco in March said it expected to slash its dividend this year by nearly a third as profits and free cash flow decline. Reuters reported last week that Aramco is exploring potential asset sales to free up funds as it pursues international expansion and weathers lower crude prices. The Saudi government is heavily reliant on generous payouts from Aramco, its longtime cash cow, also including royalties and taxes. Oil receipts made up 62% of state revenue last year. The government does not disclose at which crude price its books are balanced. The IMF estimates it needs oil at over $90 a barrel for a balanced budget. Brent crude was trading around $64.4 on Friday. Citi, HSBC and JPMorgan are the arrangers of the sukuk programme and are joined as dealers by First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, SNB Capital and Standard Chartered. (Reporting by Yousef Saba in Dubai, Prerna Bedi and Mohd Edrees in Benglauru; Editing by Emelia Sithole-Matarise and David Holmes)
