Ministry of Finance discusses Consolidated Annual Report of the federation and the final accounts of independent entities for the fiscal year ending on 31/12/2020The Ministry of Finance (MoF) announced the results of the draft final account for federal entities, and the final accounts of independent entities for the fiscal year ending on 31 December 2020. The announcement came during the Federal National Council (FNC)'s third meeting, which took place at the FNC headquarters in Abu Dhabi. The FNC approved the Consolidated Annual Report of the federation and the final accounts of independent entities for the fiscal year ending on 31 December 2020, during its third ordinary session of the 17th legislative chapter. The session took place on 11 January 2022 at the FNC headquarters in Abu Dhabi and was chaired by His Excellency Saqr Ghobash, Speaker of the FNC. His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; Her Excellency Mariam Mohamed Al Amiri, Assistant Undersecretary for General Financial Management; as well as specialists from the Ministry of Finance attended the meeting.During the session, His Excellency Mohamed Bin Hadi Al Hussaini previewed the 2020 Consolidated Annual Report, which included a summary of the data collected, and the consolidated financial performance statement, current assets and liabilities, in addition to the efforts of the Ministry of Finance in developing the consolidated financial performance of the federal government.His Excellency Al Hussaini said: “The Ministry of Finance is committed to providing clear financial data in line with best international practices. These data reiterate the country's financial position and helps decision-makers enact informed decisions to distribute financial resources and preserve public funds, as well as devise financial policies that elevate the Union's financial position."His Excellency added: “the initiatives and various financial stimulus packages approved by the UAE Government contributed to mitigating the repercussions of the COVID-19 pandemic on those who call the UAE home; and helped bolster the pace of economic recovery to near pre-pandemic levels."Based on the results of the 2020 consolidated final report, 32.0% of the revenues were from UAE emirates, 15.5% from taxes, and 52.5% from other sources. The expenditures were divided between employee compensation amounting to 40.4%, commodity and service requirements amounting to 31.0%, and other expenses amounting to 28.6%.The consolidated financial performance statement noted that the revenue implementation rate amounted to 82.6% comprising of taxes, social contributions, and other federal contributions and revenues. The expenditure implementation rate amounted 85.2% and included citizens compensation, commodity and service supplies, subsidies, grants, social benefits, other expenses, and assets that have financial credits.In 2020, the UAE Government had directed financial resources preserve the health and safety of the community members. The UAE Government launched various initiatives and stimulus packages to mitigate the repercussions of the COVID-19 pandemic and support the health sector, SMEs, and individuals, which contributed to achieving financial stability and business continuity across vital sectors.The consolidated annual report is an annual report issued with the approval of the consolidated annual financial statements of the federal authorities. The Ministry of Finance prepares it based on the final account reports submitted by the federal authorities, and includes the consolidated financial statements, which are: the consolidated financial performance statement, the consolidated financial position statement, the cash liquidity statement and the explanatory note.
