The UAE contributes to the creation of global economic policies

In a meeting hosted by the UAE, represented by the Ministry of Finance in Abu Dhabi, senior budget officials at the Organization for Economic Co-operation and Development (OECD) for the Middle East and North Africa discussed the latest developments in the preparation of public budgets and public expenditure, increasing cooperation and exchanging knowledge and experience among decision-makers in the sector on matters of public financial administration.

Younis Haji Al-Khouri, Under-Secretary of the Ministry of Finance, Saeed Rashid Al-Yateem, Under-Secretary for Government Budget and Revenue Department, and Ali Abdullah Sharafi, Acting Under-Secretary for International Financial Relations national, present at the meeting.

Fatima Yousef Al Naqbi, Acting Assistant Secretary for the Department of Support Services, and senior budget officers and leaders from various countries in the Middle East and North Africa region, together with representatives from local finance departments in the UAE.

Management role

In his opening speech at the meeting, Younis Al Khouri emphasized that the selection of the UAE for such international meetings reflects the original position that the country has achieved in the field of financial management and economic, and includes the commitment of our wise leadership to position the country as a global destination for hosting influential regional and international events.

Pointing out that the meeting, which the country is holding for the second year in a row, comes at a time when the world is witnessing growing economic changes that must everyone collaborate and innovate to contribute to the capabilities of managing financial resources efficiently and effectively, and achieve the goals of sustainable development.

The Under-Secretary of the Ministry of Finance said: “The UAE believes in the importance of international cooperation to face the global economic challenges, and the country’s experience has proven that investment in infrastructure digitization and adoption of the latest technologies.

Working to strengthen transparency and accountability are key factors in achieving sustainable economic growth, and the UAE’s role at this stage is not limited to just holding meetings, but also extends to to actively contribute to the formulation of global economic policies.”

Development priorities

He emphasized the importance of the topics of the meeting, which include the use of innovative financing mechanisms and digital and green transformations, which include our direction towards the future and our desire to take advantage of every opportunity available to promote development.

Pointing out that the use of artificial intelligence in the preparation of budgets and public spending represents one of the important ways to improve the efficiency of resource management, direct spending to strategic priorities, and monitor performance, which is an integral part in improving public financial management, ensuring development. consumption results and allows more accurate decisions to be made.

He praised the efforts of the Ministry of Finance as part of its effort to achieve greater clarity and flexibility in budget planning and resource allocation, as modern digital tools allow better integration between different departments and accelerate the speed of performance.

It contributes to adapting financial policies to the rapid changes in the global economy, emphasizing that this digital integration contributes to achieving our strategic goals by increasing our capacity to make financial decisions based on accurate data, which allows us to make the most of the resources available. and directing them to national development priorities.

Discussion sessions

The two-day meeting will witness sessions that will provide an opportunity to pass on knowledge and discuss developments related to public financial management in the countries of the region, prepare budgets, increase the efficiency of public spending, and accept challenges and regional and global economic opportunities with decision makers.

Several topics related to the use of innovative financing methods and ways to attract private investments, especially through partnerships between the public and private sectors, to finance these vital investments are also discussed.

It highlights the benefits, the opportunities available, and the challenges associated with using these methods, and their relationship with the budget system and public financial management, as well as to consider the key financial risks that need to be addressed and managed to ensure the success of these changes.

The program of the meeting includes a session on ways to increase financial literacy and the public’s understanding of public finance issues with the aim of supporting sustainable financial policies, and a session on how to use next-generation artificial intelligence techniques in preparing budgets and public spending.

In a session on performance budgeting, which is essential for improving the efficiency of public spending and aims to clarify the results obtained from spending and provide information to decision-makers that will help them make more informed budget decisions to do, the attendees deal with the practical challenges they face. implementation of performance budgeting.

And highlighting the best practices adopted by the Organization for Economic Co-operation and Development in this area, to increase the efficiency of spending and achieve the required goals.

The UAE hosted the annual meeting of senior budget officials of the Organization for Economic Co-operation and Development for the Middle East and North Africa last year in Dubai between September 19 and 20.