(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 26th March, 2017 (WAM) -- A total of 11 training workshops were conducted by the Ministry of Finance, MoF, in March, to train and initiate federal entities on the preparation of the draft of the federal budget for the fiscal year 2018, and to optimise the use of financial resources through sound financial planning.
Budget specialists from all UAE federal entities, as well as senior officials from the ministry's budget department and the technical team of the automated budget system, participated in these workshops held at the ministry premises in Abu Dhabi.
Younis Haji Al Khoori, Under-Secretary of MoF stressed the ministry's commitment to providing information that will help support federal entities when preparing for the budget and strengthen the government financial performance.
Saeed Rashid Al Yateem, Assistant Under-Secretary of Resources and Budget Sector at MoF, said, "The Ministry of Finance continues its efforts to develop effective mechanisms to prepare and implement the federal budget, enhance the financial planning for the budget and spread awareness on financial hedging. These elements help in achieving financial sustainability and supporting the UAE's economic and financial interest."
The ministry introduced instructions for federal entities to follow when updating and preparing drafts of the federal budget for the 2018 fiscal year and specified 20th April, 2017 as a deadline for submitting a proposed budget to the Ministry of Finance.
The ministry also reviewed the Classification of the Functions of Government, COFOG, which is a methodology issued by the International Monetary Fund, IMF, and provides a detailed classification of functions and socio-economic objectives. The system classifies the transactions of government expenditures and non-financial or non-produced assets.
WAM/Aamir/NOS
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