UAE budget to focus on achieving ‘happiness and positivity in society’
dubai — The UAE federal budget for 2018, which is currently on a draft stage, will focus on the optimum use of government’s financial resources to achieve happiness and positivity in society, the Ministry of Finance said.
The draft budget will also seek to enhance the sustainable allocation of resources to serve Emiratis, and provide the best educational, health and societal services for Emiratis and residents of the UAE, according to a circular issued to all departments by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and the UAE Minister of Finance.
Sheikh Hamdan said the MoF would seek to achieve its strategic objective which includes highest returns on financial resources, providing transparent reports, and ensuring the implementation of its message to use the federal government’s resources through effective financial management and adoption of sound financial policies.
“This comes as part of implementing
The ministry aims to recalculate the costs of activities and programmes of federal government entities Ministry of Finance
the government’s strategy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which stresses on developing the federal government’s management, adopting sound financial policies and procedures, enhancing income services and receiving customer satisfaction,” said the circular.
The strategy focusses on the national economy’s strength and its ability to increase economic growth and investments through attracting capitals, contributing to drive sustainable development and the wise leadership’s commitment to provide the best services for Emiratis and residents.
The circular also stresses the importance of adopting a zero-based budgeting system while preparing the draft of the federal budget and to work as per the rules and regulations of the consolidated financial procedures manual.
A five-year budget plan for 20172021 was prepared for ministries and independent federal entities in line with the UAE Vision 2021 and the UAE Cabinet’s resolution that extended the term of the federal budget from three years to five years (20172021), taking into consideration the annual updates on plans.
“By implementing the principles of the zero-based budgeting system, the Ministry aims to recalculate the costs of activities and programmes of federal government entities to reach the actual cost of the required services without overspending. This aims to create comparisons of similar services between various government entities, private sectors and other entities,” the Ministry of Finance said.
The Ministry of Finance has provided the guidelines to prepare budget drafts for all federal entities on the Ministry’s website. This aims to enhance the government’s financial performance, develop effective mechanisms to prepare and implement the UAE’s budget and enhance the financial budget planning mechanisms according to the Ministry’s vision.
Younis Haji Al Khoori, Undersecretary of MoF, stressed the need to adhere to the rules and regulations specified by the financial circular. During his meetings with experts in federal entities, Al Khoori expressed the Ministry’s readiness to receive any feedback and suggestions for improvement, which will be taken into consideration when preparing the Ministry’s development projects related to the financial systems.
Al Khoori stressed the UAE leadership’s keenness to provide better services to customers and strategic partners as well as increase the level of satisfaction with government performance. The Ministry made a quantum leap in modernising and developing the electronic financial systems. He emphasised the need to refer to the6 Consolidated Financial Procedures Manual when preparing for the draft federal budget and the model structure and tables to be contained in draft budgetary plans, as well as the related laws and regulations.