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Ministry of Finance and Industry unveils Strategic Action Plan for 2008

posted on 19/07/2007: 1215 views

Dr. Mohammed Khalfan bin Kharbash, Minister of State for Finance and Industry, yesterday unveiled the details of his ministry's Strategic Action Plan for 2008. The plan contains a number of initiatives to implement the vision of The UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohamed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai.

The plan embodies the UAE government's efforts to achieve balanced and sustainable development and to ensure a high standard of life for the UAE Nationals and residents.

Dr. Kharbash said: "While the Ministry of Finance and Industry followed the team work process to achieve its goals, it sought to gain from the insight provided by other ministries and institutions to develop our ministry's own approach to implement the strategy." Dr. Kharbash confirmed the directives of Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance and Industry, contributed to the process. In determining the outcome of the next phase in the ministry's efforts to "ensure the highest yield of the resources of the federal government through financial management and the application of prudent fiscal policies."

Dr. Kharbash highlighted the importance of the role played by the ministry in economic development in the strategy, which includes both competitive financial and monetary policies as well as trade.

He added: "The ministry's initiatives include increasing the federal revenue and granting independence and flexibility to ministries in the financial system to help them achieve the goals adopted by the strategic plans and meet the performance indicators." The initiatives also include the creation of a unified government financial unit in the ministry, establishment of financial policies unit, and, transfer of some operational roles from the Ministry of Economy, Ministry of Finance and Industry and the Ministry of Labour to the local government departments.

The ministry will also work on building talent competencies needed within the local governments to assume operating responsibilities to be transferred from ministries, in addition to the formation of a working group between the Ministry of Finance and Industry and local financial departments. The working group will discuss the proposal and coordination mechanism and the necessary action to improve financial discipline at the state level.

The ministry will contribute effectively to achieving the vision of the government to improve fiscal discipline and strengthen the regulatory role of the federal government. Its mandate will also, under the strategy, include activating the role of fiscal policies in support of economic and social development, focusing on building partnerships with local constituencies, contributing to capacity-building and transferring some operational roles to local districts.

The strategy also recommends projects to gain experience of best practices and scientific experiments to develop the industrial sector in the UAE and to enter into cooperation with international experts to conduct a study on the best ways to implement the findings of the projects in accordance with the prevailing conditions, expertise and capabilities. (Emirates News Agency, WAM)


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