Government Finance Statistics (GFS) contribute to supporting policies and making sound economic decisions, as well as measuring developments in the government sector and their contribution to the national economy. GFS serve as a key element in financial analysis, devising sound financial programmes and monitoring their implementation, in addition to clarifying the total size of government operations in the country to enhance its position on the international statistical map and help it be assigned strong credit rating.
The UAE joined the General Data Dissemination System (GDDS) in 2008. Hence, the Fiscal Policy Coordination Council was formed by the Honorable Council of Ministers Decree No. (39) Of 2008, and the technical team for the Council was formed by administrative decree issued by the Ministry of Finance, which is tasked with collecting, preparing and publishing government financial data at the UAE level. This is to enhance the efficiency and effectiveness of government financial work and devise proactive solutions and initiatives to future challenges, thereby ensuring the integrity of the UAE's financial system in line with government priorities to support the comprehensive economic development in the country.
Moreover, the Ministry of Finance adopted the latest Government Finance Statistics Manual 2014 (GFSM2014) issued by the International Monetary Fund (IMF), and became the first country in the GCC to apply it. The ministry also deployed the latest electronic systems to build a centralised financial database at the state level, in cooperation with the departments of finance in local governments, to ensure integration of financial data across various sectors. In addition, the ministry provides accurate and timely data to serve decision makers, researchers and those interested in the financial sector.
Furthermore, the Ministry of Finance publishes government financial statistics data on revenues, expenditures, and assets and liabilities, divided into quarters and annual total of each year at the UAE level; as well as the Classification of the Functions of Government (COFOG) via official publication channels, both locally and internationally. The availability of financial data to decision-makers and financial policy-makers in the country contributes to formulating the country's financial and economic programmes and policies and cementing its position in global competitiveness reports.
Last but not least, the Ministry of Finance continues its unremitting efforts to spur the statistical ecosystem of government financial data by enhancing data quality and expanding data coverage and comprehensiveness. This comes within the our efforts to raise levels of financial management, support the development process, and contribute to achieving financial balance and stability in the country.