Abu Dhabi Department of Finance organises Law seminar

ABU DHABI — The Department of Finance – Abu Dhabi, DoF, has recently organised an introductory seminar on Law No. 01 of 2017, on the Financial System for the Government of Abu Dhabi. The event was attended by more than 450 officials and employees from all government entities in the emirate.

Following the opening speech, Riyad Abdulrahman Al Mubarak, Chairman of DoF, gave a presentation on the objectives of Abu Dhabi Government’s financial system, and its role in establishing a unified legal framework for managing public financial resources.

He also emphasised its role in establishing an institutional framework characterised by a high level of transparency and accountability for the emirate which links government spending policies with public finance policy priorities and the Abu Dhabi plan. This is carried out by identifying the general principles for public financial management, general principles for collecting, managing and distributing public financial resources, and defining responsibilities and authorities, in addition to enhancing supervision capabilities and implementing the principles of governance and financial risk management.

Al Mubara highlighted the pivotal role of the system in preparing a financial policy based on the accurate forecasts of revenues and expenditures in line with the general policy of the emirate. It will also aid in categorising all government entities in the emirate based on the sectors and areas of their work, and also in linking expenditures to outputs and overall performance of each entity, and the development of a legal regulatory framework that ensures sustainable financial performance and sustainable economic growth in Abu Dhabi.

The Chairman said, “The Abu Dhabi financial system is key to advancing the development of a sustainable and competitive economy in the emirate, based on the frameworks that have been set by the Abu Dhabi Plan. In addition, it ensures optimal allocation and growth of financial resources through raising the efficiency of spending practices and directing them towards vital strategic sectors to attract more foreign investments and to establish a competitive and flexible environment for all types of economic activities.

“The law works by adopting a balanced fiscal policy that achieves sustainable economic growth, along with Abu Dhabi’s public policy, and preparing the draft budget on an economic and wise basis when estimating expenditures and revenues. It also looks to enhance financial risk management operations and on maintaining reasonable levels of debt. It will result in numerous benefits for the emirate and will work on building a prosperous future for all Abu Dhabi residents,” he added.

He reviewed the responsibilities of the Department of Finance for Abu Dhabi and its jurisdiction under the system, which included the preparation and implementation of an integrated financial system with high levels of efficiency and cost effectiveness, according to the provisions of the law.

Source: Emirates News Agency

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