As published on: zawya.com, Monday 7 August, 2023.
The Ministry of Finance has launched a four-year strategic plan that will serve as a roadmap to accelerate government performance. This will be done through financial empowerment, innovation, future foresight, financial leadership and sustainable development, the ministry announced on Sunday.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said: “We will develop and implement sustainable financial policies to promote economic growth, create a competitive business environment, strengthen international economic relations and build trust and transparency.
“The ministry will pursue excellence in federal government work. In a fast-changing world, we will ensure our economy is resilient and agile, ensuring long-term national goals are met. From human capital and legislative structures to the local business environment, financial policies, international relations and global partnerships, our plan sets out realistic medium-term goals. It will also empower government enablers to drive implementation of our strategic initiatives.”
The country will prioritise attracting and empowering talent; providing efficient institutional services and artificial intelligence-enabled digital infrastructure; and applying best practices in human resources; leadership, quality standards, institutional excellence, and performance measurement. “We will also encourage innovative practices based on flexibility, proactivity, and readiness to consolidate the best practices in institutional innovation and change management,” said Sheikh Maktoum.
The Ministry of Finance’s Strategic Plan 2023-2026 includes three goals:
1. Enable financial performance excellence within the federal government: This will be done through two initiatives — designing a public finance roadmap and strengthening analytical capabilities; and ensuring sound financial management.
2. Ensure fiscal sustainability for an inclusive future: This will be driven by two initiatives – managing public debt, and designing balanced tax policies that are aligned with local and international developments.
3. Strengthen national financial resilience: Two initiatives will enable this goal – designing a framework for emergency response and recovery in finance, and developing a programme for cooperation with international ministries of finance.
The strategy has four main goals:
1. Develop a sustainable fiscal policy through three tasks: Developing the federal government’s financial planning; strengthening sustainability of public finances and risk management; and preparing and reviewing financial laws and policies.
2. Fostering strong economic growth and a competitive business environment by managing and supervising the government’s financial committees and interests in companies, institutions, and organisations; and enhancing the competitiveness of the business environment.
3. Promoting international economic and financial corporation through three tasks: Promoting international financial interests; utilising the opportunities and advantages of joint Gulf financial and economic integration; and developing and strengthening international tax relations.
4. Enhancing trust and transparency through four tasks: Improving and developing mechanisms for budget planning and implementation; managing and governing financial data; preparing and managing the federal government’s financial operations; and managing the government procurement platform.