Ministry of Finance highlights need for accurate reporting of data
Accurate financial data reporting needed to maintain transparency and public trust
Dubai: In a special media forum organised by the Ministry of Finance, publishers were urged to ensure the accurate reporting of financial data.
Officials from the Ministry of Finance explained how financial data is judiciously collected from multiple departments at the local and federal government level and accurately compiled to provide an exact understanding of the fiscal situation in the UAE. This is why understanding and presenting this data accurately is critical.
The forum, which was held today (October 9) sought to create an interactive platform for journalists to gain deeper insights into the UAE’s fiscal policy priorities, which include sustainable development, enhancing government financial operations, and strengthening the UAE’s global position in the financial sector.
“We conducted this session to raise awareness of the data so that news reports reflect the accuracy and relevance of the data,” Azza Ali Aljassmi, Director of Government Communication at the Ministry of Finance, said during a question and answer session at the end of the forum.
“We encourage the media to ask for clarification on all technical points. Even if it is a minor detail, ask us as it may clarify things so that news is published accurately,” Ahmed Al Abdouli, Head of the Macro Fiscal Policy Coordination Department, added.
Painstakingly consolidated
During the forum, officials clarified how data is collected from local and federal bodies and first reviewed as per international standards and then collected in a unified and consolidated report, which is then published or presented to the country’s leaders, enabling them to make decisions based on reliable data.
The standards used for the collation of this data are also as per international standards, with the Ministry coordinating with different entities like the UAE Central Bank, the World Bank, the Arab Bank, as well as the Federal Competitiveness and Statistics Authority, with data compiled on a quarterly, semi-annual and annual basis.