07 June 2015
Dubai - The Ministry of Finance (MoF), represented by the Department of Coordination of Fiscal Policies, has announced that Fujairah'sfinancial system has been electronically linked to that of the federal government after a meeting today at the Ministry's premises in Dubai. This step was taken in efforts to achieve greater financialcoordination and economic stability within the UAE,and following the International Monetary Fund's (IMF) recommendations on the requirements of the Government Finance Statistics (GFS) system.

The meeting was attended by HE Younis Haji Al Khoori, Undersecretary of MoF; HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF; HE Ali Mostafa, Director of the Department of Finance- Fujairah; HE Yousef Al Awadi, Deputy Director of DoF-Fujairah; along with members of the technical team of the Emirates Gate of GFS Reports system from both sides.

This linkage of financial systems will support the team working on the Emirates Gate of GFS Reportsin collecting and compiling government financial data from both parties. This will ensure the implementation ofinternational standards in the coordination of fiscal policies and will help in meeting international requirements in the field of government financial statistics.

Commenting on this announcement, HE Younis Haji Al Khoori said: "MoF is committed to achieve its strategic vision of becominga global leader in financial resource management and will contribute to achieving a sustainable competitive environment. MoF is also keen to continuously develop the federal financial system to be aligned with international best practices."

HE added: "The linking of both systems is a result of the Ministry's efforts to set a platform aimed at strengthening ties and relations with various local government departments. This will in turn allow us to strengthen government financial entities'capabilities; ensure the best use of the financial resources as well as support stability and sustainability within the UAE."

HE Ali Mustafa, Director of DoF- Fujairah emphasised the department's commitment to linking  its system to the federal financial system- as it speeds up the process of exchanging government financial data electronically. DoF - Fujairah is also committed to support the Ministry's efforts towards sustaining financial sustainability within the UAE and to meet the IMF's requirement on GFS.

The Ministry had announced last year that the Abu Dhabi and Ajman financial systems have been electronically linked to the federal financial system.  Those linkages were completed after the UAE joined the GDDS system - which aims to achieve international standards in statistical work and as per the UAE Cabinet's decision (117/8) of 2008.

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For more information:
Osama Dagamseh / Mira Assaf 
Weber Shandwick
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