Abu Dhabi: Ministry of Finance (MoF) said on Monday it has launched the second phase of the federal financial system for a proper financing of the federal entities and to effectively monitor their budget spending. All the federal departments would be linked electronically for the purpose.
The new system will also help federal entities to issue a financial statement with efficiency and accuracy and within the approved timeframe as per the law, MoF said in a statement.
The ministry incorporated a number of sub-systems into the second phase including bidding, gateway systems and procurement procedures.
Younis Haji Al Khouri, Undersecretary of MoF, said the second phase of the federal financial system offers effective e-solutions to implement the ministries and independent federal bodies’ financial operations.
“The main objective behind MoF’s adoption of the new federal financial system is to support advanced financial practices which will in turn help to build a basis for the consolidation of financial statements at a federal government level,” he said.
The preparations to launch the second phase of the federal financial system began on March 19 and lasted for approximately six months, MoF stated. This included meeting all technical requirements across federal government entities who have joined the federal financial system, organising workshops and training sessions for 55 employees from 23 ministries and federal government entities on gateway suppliers, practices and tenders, procurement agreements and purchasing services.
MoF launched the initial phase of the federal financial system last February, in collaboration with 16 ministries and four federal independent bodies.
The ministry has been bringing in a lot of changes to improve the performance of federal government departments. It recently brought out a consolidated financial procedures manual for the UAE federal government that lays emphasis on the ministry’s commitment to enhance its cash management system and shift towards decentralisation in terms of purchase and contracting agreements and payments. It also talks about transparency.
