UAE Ministry of Finance has launched a four-year strategic plan that will serve as a roadmap to accelerate government performance

The Ministry of Finance in the UAE has unveiled a four-year strategic plan that will act as a road map to improve government performance. The ministry declared on Sunday that this will be accomplished through financial empowerment, innovation, future foresight, financial leadership, and sustainable development.

"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," said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance. "The ministry will work hard to achieve excellence in federal government work." In a rapidly changing world, we will guarantee that our economy is robust and nimble, allowing us to meet long-term national goals. Our strategy establishes realistic medium-term targets for human capital and legislative frameworks, as well as the local business environment, financial policies, foreign relations, and global collaborations. It would also enable government enablers to drive strategic initiative implementation."

The government will focus on recruiting and empowering people, offering efficient institutional services and AI-enabled digital infrastructure, and implementing best practices in human resources, leadership, quality standards, institutional excellence, and performance assessment. "We will also encourage innovative practices that are based on flexibility, proactivity, and readiness to consolidate the best practises in institutional innovation and change management," Sheikh Maktoum stated.

The Strategic Plan 2023-2026 of the Ministry of Finance includes three objectives:

1. Promote excellence in financial performance throughout the federal government: This will be accomplished through two initiatives: developing a public finance roadmap and improving analytical skills, as well as assuring solid financial management.

2. Ensure fiscal sustainability for a more equitable future: This will be driven by two initiatives: controlling public debt and establishing balanced tax policies that align with local and global changes.

3. Increase national financial resilience: Two efforts will help achieve this goal: establishing a framework for emergency response and recovery in finance and developing a strategy for collaboration with international finance ministries.

The plan has four primary objectives:

1. Create a long-term fiscal strategy by completing three tasks: developing the federal government's financial planning, enhancing the sustainability of public finances and risk management, and creating and evaluating financial laws and regulations.

2. Promoting robust economic growth and a competitive business environment by administering and overseeing the government's financial committees and interests in firms, organisations, and organisations, as well as improving the business environment's competitiveness.

3. Promoting international economic and financial cooperation through three tasks: promoting international financial interests, taking use of the chances and benefits of combined Gulf financial and economic integration, and establishing and strengthening international tax links.

4. Improving trust and openness by completing four tasks: improving and enhancing budget planning and execution methods; managing and governing financial data; preparing and administering the federal government's financial operations; and managing the government procurement platform.