UAE News Today : Politics

Ministry of Finance organizes awareness program on “Government Finance Statistics and Public Sector Debt”

The UAE Ministry of Finance, in collaboration with the International Monetary Fund (IMF), started an awareness program on government finance and public sector debt statistics in Dubai, which will continue until February 2, 2024.

The program aims to familiarize attendees with the concepts of Government Finance Statistics Manual 2014 and the methodology for preparing financial and balance sheet data and public sector debt statistics in accordance with the rules and regulations currently implemented in the UAE.

The program brings together the participation of various Ministry of Finance employees, specialists from the Federal Center for Competitiveness and Statistics and experts from the finance departments of local governments. The importance of government finance statistics arises from its role in analyzing the state of public finances, establishing appropriate financial programs, monitoring their implementation, supervising economic policies and developing practical knowledge and the experience of the participants.

The awareness program includes hands-on training to develop participants’ capabilities and skills through case studies presented by IMF experts on topics such as institutional coverage and sectors, balance sheets, transactions and other economic flows in assets and liabilities, and investment statistics. public sector debt. The theoretical conferences will address topics such as the analytical framework of public finance statistics, balance sheets and flows and accounting rules, the institutional coverage of the public sector and its sectoral composition, income and expenses, which include the economic definition and classification of expenses and non-financial assets, balance sheets and public sector debt statistics.

Furthermore, it aims to introduce debt, identify its parts, 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 program is part of the framework of cooperation and strengthening of existing alliances between the Ministry of Finance and local Finance Departments. It highlights the importance of continuing this cooperation and coordination to meet all local and international requirements, serving the directions and aspirations of the UAE. It is also based on the continuous collaboration between the Ministry of Finance and the International Monetary Fund in the implementation of the highest international standards.

News source: Emirates News Agency

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