Ministry of Finance promotes financial literacy among different segments in the UAE

Officials from finance ministry lecture a group of students from the United Arab Emirates University on how to prepare the Federal General Budget.

THE MINISTRY of Finance (MoF) has organised a lecture on the methods of preparing the Federal General Budget for a group of Political Science female students at the United Arab Emirates University (UAEU). The lecture is one of the many initiatives that MoF is taking part in to increase financial literacy awareness among the community.

Some of the main topics addressed during the lecture were the stages of the zero-based budgeting (ZBB) and its implementation, the objectives of ZBB, in addition to highlighting adopted mechanisms in managing financial operations.

The session also shed light on the benefits of the Joint Financial Procedures Manual and a range of the financial systems developed by MoF. An interactive discussion took place among students and MoF’s officials, who included Younis Haji Al Khouri, the Undersecretary of MoF, Saeed Al Yateem, Executive Director of Revenue and Budget of MoF, and other directors from the ministry.

Commenting on this lecture, Al Yateem said: “The Ministry of Finance is keen on continuously enhancing financial awareness and knowledge among various groups in the UAE and particularly among the youth. Driven by this principle, we have been hosting a number of lectures and organising field visits to various educational institutions in the UAE. Through these efforts, we aim to familiarise the community with the latest financial management practices pertaining to government resources which are adopted by the Ministry.”v

“The UAE is considered to be the first country to use the Hyperion System to automate the budgeting process at all federal ministries. It was also the first to work on automating the zero-based budgeting system using the Oracle Hyperion Planning system. The Ministry of Finance is required to inform the local community of these accomplishments and achievements to encourage them to be innovative in their respective fields of work,” Al Yateem added.

The ministry recently organised an introductory meeting on the Gulf Common Market in the United Arab Emirates University- Al Ain and the American University in the Emirates-Dubai.