The UAE Ministry of Finance (MoF) has introduced the “Financial Sustainability Standards Guide in the Federal Government” during a gathering at the Sustainability and Innovation Centre in Dubai.
This meeting, WAM reported, saw participation from representatives of various departments within the Ministry and federal institutions.
The initiative is designed to integrate the principle of financial sustainability into the government sector, enhancing public financial operations in accordance with the UAE’s ambitious vision for sustainable development.
Key concepts and global best practices
The guide outlines essential concepts and standards related to government financial sustainability, emphasizing their importance while presenting global best practices in the field. This effort underscores the UAE’s dedication to promoting sustainable development across all sectors. By improving financial sustainability, the government aims to secure the long-term stability of its financial resources.
A cohesive framework
Mariam Mohamed Al Amiri, assistant undersecretary of the Government Financial Management Sector at the UAE’s MoF, expressed that the Financial Sustainability Standards Guide in the Federal Government signifies a significant advancement in the pursuit of sustainable development. She noted that this all-encompassing guide aims to provide a cohesive framework for government entities, which would allow them to make financial decisions that bolster transparency and efficiency in resource management. Additionally, she explained that these initiatives would enhance the resilience of the national economy and ensure sustainable development for future generations.
Five key themes
Moreover, the agenda for the guide’s launch featured discussions on five key themes: “Embracing Sustainability: An Enduring Imperative for the UAE”; “Sustainability Frameworks and Initiatives in the UAE”; “The Importance of Sustainability in Government Finance and Operations”; “Overview of How to Develop Sustainability Guidelines”; and “Integrating Sustainability into Functional Areas: Challenges and Opportunities,” along with “Action Planning for Sustainability: Next Steps.”
Furthermore, the meeting wrapped up with a tour of the Sustainability and Innovation Centre, highlighting the latest advancements in sustainable practices and technologies.
