Sharjah’s new finance strategy eyes spending efficiency
The Emirate says measures were taken to ensure effective management of the public debt to improve its credit rating
Dubai: Sharjah said on Wednesday its new financial strategy for 2016-18 would help to improve government spending efficiency and financial performance, and hep building an innovation-based financial system.
The emirate’s finance department in an emailed statement that a set of measures were taken to ensure effective management of the public debt improves its credit rating, and special attention was also given to develop certain skillsets. The strategy is based on transparency, social responsibility, creativity, innovation, integrity and empowerment, it added in the statement.
The finance department said it has made significant progress in the development of a financial performance system, including the development of a methodology to prepare and implement performance-based budgeting.
In the development of an accounting system, government account guidelines were also formed, alongside a financial statement preparation project using international accounting standards in the public sector. An integrated accounting policy was adopted in transition to accrual accounting.
“The new strategy builds upon the highly successful plans put in place in the previous years, and we are looking forward to adopting a distinctive model in public finance, as we have the required staff and infrastructure to do so,” Waleed Al Sayegh, Director General of the Sharjah Central Finance Department said in a statement.
“The Department is committed to keeping pace with ongoing economic development to achieve the optimal results. We are drafting plans for innovative programmes that will serve as the main source of information about department’s projects in the near future, allowing for greater transparency and the tracking of performance indicator,” Al Sayegh said.
