UAE’s financial, economic developments require unified laws, procedures: Al Khoori

DUBAI, The UAE is witnessing remarkable developments on financial and economic levels and these achievements require unified laws and procedures at the federal and local levels, and consolidated efforts to serve the country’s overall objectives and encourage economic growth in accordance with best international standards, said Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance.

The Financial Policy Coordination Department 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, as well as identifies data gaps and takes the necessary measures to increase the overall quality of the prepared reports,” Al Khoori said in an interview with the MoF Index e-Newsletter edition for February 2018.

The Government Financial Policy Coordination Council, he added, will continue its efforts to enhance the coordination of government policies at local and federal levels, and develop constructive plans and guidelines aimed at improving the government’s financial work, as well as examine budget projects and disbursements, stated Younis Haji Al Khoori, Undersecretary of Ministry of Finance.

”This is done to support sustainable economic and social development, attain the highest levels of government efficiency in managing expenditure, and achieve prosperity for the UAE and its people alike.” ”The Government Financial Policy Coordination Council coordinates financial policies and procedures in line with best global practices in government financial work, to ensure a unified vision and interaction between the federal government and local governments. The Council plays an important role in supporting the UAE’s direction in terms of enhancing the efficiency of spending and government investment, pointing it towards economically and socially vital sectors in accordance with government priorities,” he explained.

The Council played an important role in evaluating and supervising the cooperation between the country and the International Monetary Fund providing technical support and coordination on the report of Article IV consultations of the Fund, which deals with macroeconomic indicators,” he said.

Source: Emirates News Agency