Department of Finance - Abu Dhabi to host the 7th annual meeting of OECD senior budget officials

Abu Dhabi, 3 December 2014: The Department of Finance (DoF) -  Abu Dhabi will host the 7th annual meeting of the Organisation for Economic Cooperation and Development (OECD) senior budget officials from December 10 to 11, at the St. RegisAbu Dhabi, Nation Towers. Participants will include general budget representatives from OECD and member countries in the MENA region,who will be discussing financial policies, best practices in the preparation and implementation of the general budgetand financial management systems in the region.

During the meeting,DoF will also review its experience in applying aunified, integrated financial system across all government entities,to enhance thepreparation, and implementationof the general budget, as well as the measurementof its financial performance.

Hosting the annual meeting reflects DoF’s ongoing efforts to enhance communication with its peers from across the region and the globe, and exchange knowledge about best international practices,in regards to government entity spending and developing new ways to prevent economic challenges and secure economic sustainability.

HE Hamad Al Hurr Al Suwaidi, Chairman of the Department of Finance- Abu Dhabi stressed the importance of cooperation between DoF and OECD, which provides opportunities to review and discuss the best practices in the preparation and implementation of budgets as well as the experiences and results achieved by DoF and OECD in this field.

HE added: “DoF is working to provide a sustainable economic environment through developing the general budget’s framework and controlling spending. This will enhance public sector performance and efficiency, and facilitate the implementation of a unified fiscal policy, which is in line with the economic and social structure of the Emirate. DoF has also achieved an important milestone in developing the infrastructure of Abu Dhabi’s financial framework and in enhancing transparency throughout the government’s financial operations. This will allow us to plan according to accurate data and standards, to ensure sustainable economic development and support Abu Dhabi Government’s vision toestablish a unified financial and strategic direction for all government entities.”

These annual meetings are designed to shed light on the initiatives, innovations and experience of OECD member countries, the World Bank andInternational Monetary Fund’s contributions, and to highlight non-member countries linked to the organisation in terms of monetary policy and general budget.OECD attaches great importance to the participation of GCC countries, particularly the UAE, in terms of supporting the strategic vision to develop the framework of the general budget, on an international level.