Ministry of Finance announces the annual report for the year 2022 titled Under the Title “Remarkable Achievements Shaping Promising Financial Prospects”
3 July 2023
3 July 2023
Under the Title “Remarkable Achievements Shaping Promising Financial Prospects”, the Ministry of Finance (MoF) announced its annual report for the year 2022. It observes the Ministry’s performance in initiatives, national projects, and international participations. Additionally, the report included the Ministry’s most prominent achievements, leadership councils and committees, and strategic objectives.
His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, stated that the Ministry of Finance, since the establishment of the Union, has been keen on becoming a pioneering model and global reference for best practices and international standards in government financial work. It also continuously works to achieve excellence and leadership in all areas of its work by adopting an innovative approach in developing and implementing its policies and goals towards achieving sustainable financial and economic growth.
His Excellency emphasised: “The Ministry of Finance harnesses all capabilities to support the UAE’s competitiveness, aligning with government visions and directions. The Ministry has set up a great financial system that helps manage and diversify financial resources, supporting sustainable economic and social development.”
His Excellency said: “The Ministry of Finance has played a pivotal and influential role at the national level in the field of strategic management of public finances. This contributed to strengthening the fiscal planning of the federal government and achieving financial and economic sustainability.”
His Excellency added: “We, in the Ministry of Finance, will continue to work to achieve our objectives and aspirations, and add further achievements and successes to our track record. We will continue to contribute to strengthening the country’s march towards the future and achieving the goals of the ’UAE Centennial Plan 2071‘, which aims to make the UAE the best country in the world by 2071.”
Strengthening the UAE’s Competitiveness
The Ministry of Finance achieved all its strategic goals during the strategic cycle (2017-2022), through launching and implementing cutting-edge and proactive projects, plans and initiatives at the level of UAE’s public and private sectors. The Ministry has also achieved outstanding performance in all aspects of strategic performance, which contributed to developing the financial system’s performance, improving the federal governments’ financial performance and enhancing the efficiency of government financial procedures. The Ministry had, and still has, an influential role in enhancing the UAE’s global competitiveness in the fiscal, economic, and investment fields.
A budget that supports sustainable development
The annual report for 2022 revealed that the Ministry of Finance has achieved several important achievements. These include the adoption of a federal budget for the fiscal year 2023 that supports sustainable development in various sectors, as well as the successful participation in international meetings such as the G20 meetings and the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF). This is in addition to the Ministry’s work on establishing the Corporate Tax regime in the country, in addition to launching UAE Dirham-denominated Treasury Bonds.
An influential role at the international level
His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has been elected as Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund (IMF), in appreciation of the UAE’s efforts and valuable contributions to advancing sustainable development worldwide. The committee works on a wide range of global issues, including the role of the IMF and WBG in digitalisation initiatives, green economy and the environment, trade, industrial policies, confronting future crises, poverty and other issues related to development.
Enhancing the quality of services
The Ministry of Finance is committed to implementing the objectives of the UAE Strategy for Government Services as it is keen to provide individuals, businesses, and federal entities with proactive services, with a focus on customer centricity and enhancing government efficiency. This is in order to boost the UAE’s competitiveness in the services’ sector and position it as the best in the world in efficiency and rendering government services, by focusing on providing advanced digital services, enhancing their efficiency, effectiveness and complete automation to provide services to customers anywhere and around the clock.
The Ministry of Finance had a successful participation in the World Government Summit 2022, where His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, met with a number of international leaders and officials to consolidate cooperation and strategic partnerships. His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in a number of sessions and held a series of meetings with finance ministers and leaders of regional and international financial bodies. These sessions and meetings focused on important topics related to growth and the global economic situation. The Ministry of Finance, as a strategic partner of the World Government Summit, organised a series of dialogue sessions that highlighted the role of governments and the financial system in building a pioneering financial economic model that contributes to positively impacting societies worldwide through utilising the latest developments and future trends.
A record rise in government revenues
The Ministry of Finance also monitored, through its annual report for the year 2022, a record rise in government revenues, and the completion of a project where it studied service fee structures across all ministries and federal bodies with the aim of contributing to stimulating the business environment, boosting the economy, and supporting the UAE’s position as an attractive FDI hub.
Prioritising the satisfaction and happiness of citizens
In line with the objectives of the “UAE Centennial Plan 2071″ and within its commitment to achieve social welfare in the UAE, in 2022, the Ministry launched several initiatives, established financial laws and legislations, and adopted the latest systems and technology that meet the needs of the UAE citizens and residents and support the business sector in the UAE. These included the formation of the Consultative Council for the Financial Reorganization Committee, the launch of the Digital Procurement Platform, and the establishment of the Public Debt Management Office.
To view the Ministry’s annual report for the year 2022, please visit: https://mof.gov.ae/publications_and_releases/