Eighth edition

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Eighth edition

MoF e-Newsletter 8 th Edition July 2012Main SubjectInternational Institute of Management Development in Switzerland Places the UAE at theForefront of Efficiency in Government Fiscal PolicyUAE Ranked the First Globally in Efficiency of GovernmentFiscal PolicyThe UAE is ranked first globally inefficiency of government financial policywithin the Global CompetitivenessReport 2012 recently published by theInternational Institute for ManagementDevelopment in Switzerland. It wasplaced ahead of many other developedcountries like the United Kingdom,Japan, France and China.The report also highlighted the UAE’sranking in the seventh place in the reportfor efficiency of financial managementin the public sector. This is due to thegovernment’s strategy of not imposingtaxes on individuals or companies,efficient social security policies andpensions for retired citizens, as well asthe wise management of surpluses andspending pertaining to the government’sbudget. .through the completion of the series ofinitiatives and legislations undertakenin this area. These were developedto enhance the government fiscalpolicy to meet the challenges in theglobal economy. Additionally, theywill strengthen the role of stakeholdersin order to avoid structural risks inbanking and the financial system inthe country.Moreover, the report highlighted thezero-based budgeting adopted bythe UAE for the years 2011-2013,as it contributed to enhancing theefficiency of government spendingand the preservation of public money.The establishment of a federal levelcompany for Credit Information alsohad a major role in enabling the publicand private sectors to gain a clearer andmore comprehensive decision-makingmechanism with regard to lending inline with the efforts that are beingmade to reduce the credit risk at theThe International Institute forManagement Development (IMD)is considered as one of the world’spioneers in the field of academia andresearch. A model was developed in 1989on economic evaluation to study theperformance of countries in the fieldof competitiveness by analyzing morethan 300 standards .Studies are alsocarried out on how to achieve optimaluse of resources owned by the states toachieve economic and environmentalprosperity and to raise living standards.The IMD Global Competitiveness reportis one of the most reliable references forgovernments, experts, researchers andacademics in the field of monitoringprogress in economic developmentand the competitive environment ata global level.Hamdan Bin Rashid Al MaktoumHonors Outstanding LeadershipHH Sheikh Hamdan Bin Rashid AlMaktoum, Deputy Ruler of Dubaioutstanding achievements of HH SheikhKhalifa bin Zayed Al Nahyan, UAEPresident, and HH Sheikh Mohammedbin Rashid Al Maktoum, Vice-President,Prime Minister and Ruler of Dubai.HH Sheikh Hamdan Bin Rashid AlMaktoum stressed that this successreflects the vision of the unceasingleadership and guidance of the UAEto adopt the highest effective financialpolicies in the federal government. Theseefforts aim to achieve a balance betweenthe requirements of development andprosperity of citizens.Moreover, HH asserted that thisresult clearly reflects the internationalrecognition given to the efforts of theUAE government. It also demonstratesthe recognition of independentinternational organizations of the UAE’sadministrative and financial capacities..The country’s rapid growth and successfultransition require changes in the systemof public budget preparation, socialsecurity and other financial mattersat the level of the federal government.high efficiency to gradually replace lessefficient activities and initiatives. Thiswill enable it to work with less cost inaddition to reflect the visions of theUAE’s wise leadership and guidance,and to achieve social development.Honorable History of theUAE at International FinancialOrganizations and ConferencesThe UAE possess a track recordaccording to various internationalfinancial organizations andconferences, where it was ranked inof most efficient government spendingin the Global Competitiveness Reportissued by the World Economic Forum.In addition, it was ranked fifthglobally according to the financialstability standard within the indexof the World Economic Forum fordevelopment of the fiscal year 2011.This was due to the UAE achievinghigh estimates in all areas of financialassessment for the current year. Thisplaced the UAE in the forefront ofmany of sub-indices of the sevenmajor standards that make theThe financial performance of the UAEFurthermore, HH highlighted the abilitygreatly benefited from the government’sof the federal government to enhancewise spending and financial managementthe efficiency of spending and directingin the public sector. This was achieved45 national level.and Minister of Finance, honored thetheir resources towards programs with seventh place globally in the category outcome of the development index.45

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