Finance ministry says no budget reduction this year

Dubai: The Ministry of Finance announced on Monday that there will be no reduction in the budget this year. However, the deficit of around Dh2 billion will be covered from the reserves, Saeed Rashid Al Yateem, Executive Director of Revenue at the Ministry of Finance (MoF), said on the sidelines of Gitex Technology Week 2012.

He added that the total payment value of eDirham was recorded at Dh7 billion in 2011.

“60 to 70 per cent of the government fees was collected through the eDirham gateway, ammounting to Dh7 billion last year,” he said.

The Ministry of Finance on Monday, along the Gitex show, announced the launch of the ‘Emirates Gate of GFS [Government Financial Statistics] Reports’.

The conference was attended by Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF, Mariam Al Amiri, Assistant Undersecretary for the Management of Financial Resources, Ahmad Al Naqbi, Head of Direct Banking and E-Development at National Bank of Abu Dhabi (NBAD), along with senior officials of the Ministry and the Bank.

The conference highlighted the main characteristics of the Emirates Gate of GFS Reports and GCC Takamul System, as well as highlighting the new services of e-Dirham — the second generation.

Al Yateem said: “The startup launch of the two new mechanisms reflects MoF’s continuous improvement in the e-financial services to support sustainable and balanced development for the UAE.”

The system ensures integration in the financial statements for different sectors, allowing the presentation of accurate information that will enable decision makers to prepare plans and take appropriate decisions to manage public expenditure in the UAE.

Furthermore, the conference reviewed the GCC Takamul System and linked it with the concerned authorities in the UAE. It enables the Ministry to conduct integrated and specialised statistics for all kinds of transactions that are offered by the UAE and GCC, as well as showing the areas that need improvement in the quality of services provided both inside and outside the country.

“This initiative contributes to strengthening the market’s position as one of the most prominent economic blocs in the region and globally,” said Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF.

“The system addresses many issues that include transportation and residence, professional practice, economic activities, real estate ownership, ownership and circulation of the purchase of shares, establishing companies, topics on the Customs Union and the obstacles in trade.”