Today's Edition
DUBAI (WAM)
The UAE Ministry of Finance, in collaboration with the International Monetary Fund (IMF), kicked off an awareness programme on Government Finance and Public Sector Debt Statistics in Dubai, which will continue until 2nd February 2024.
The programme aims to familiarise attendees with the concepts of the Government Finance Statistics Manual 2014 and the methodology for preparing finance and balance sheet data and public sector debt statistics in line with the rules and regulations currently implemented in the UAE.
The programme gathers the participation of various Ministry of Finance employees, specialists from the Federal Competitiveness and Statistics Centre, and experts from the Departments of Finance in local governments. The importance of government finance statistics stems from their role in analysing public finance situations, establishing proper financial programmes, monitoring their implementation, overseeing economic policies, and developing the practical knowledge and experience of the participants.
The awareness programme includes practical training to develop the capacities and skills of the participants through case studies presented by IMF’s experts on topics such as coverage and institutional sectors, balance sheets, transactions and other economic flows in assets and liabilities, and public sector debt statistics. Theoretical lectures will address topics such as the analytical framework for government finance statistics, balances and flows and accounting rules, institutional coverage of the public sector and its sectoral breakdown, revenues, and expenses, which include the economic definition and classification of expenditures and non-financial assets, balance sheets, and public sector debt statistics.
Furthermore, it aims to introduce debt, identify its parties, classify its instruments, and the accounting principles for public sector debt statistics, including accounting rules, valuation, accrued interest, and preparation of data sources and derivatives.
This programme is part of the framework of cooperation and strengthening existing partnerships between the Ministry of Finance and local Departments of Finance. It highlights the importance of continuing this cooperation and coordination to meet all local and international requirements, serving the UAE’s directions and aspirations. It also builds on the ongoing collaboration between the Ministry of Finance and the International Monetary Fund in implementing the highest international standards.
