MoF Issues Financial Circular for the General Federal Budget

WAM Abu Dhabi, Mar 06th, 2013 (WAM) — Following the UAE Cabinet’s resolution No. (1/181) issued in the 2008, which mandated the ministries and federal entities to prepare the general federal budget on the basis of a three year medium- term plan, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, released financial circular No. (1) of 2013.

The circular pertains to the 2013 budget project of the UAE ministries and federal authorities and set the date of Sunday, May 5, as the next deadline for delivering budget projects, stressing on the necessity of following the principles of zero-based budgeting when preparing the draft budget in addition to adopting the rules and procedures mentioned in the union general budget preparation guide.

Al Tayer emphasised MoF’s commitment to providing all documents and data needed by federal entities on the Ministry’s website. In addition, he emphasised on the significance of uploading federal entities’ programmes on the automated budget system, which in turn will allow these entities to insert its employees’ data, activities and services expenses and the cost of strategic goals that these entities hope to attain through the new financial circular plan 2014-2016.

It is worth mentioning that MoF adopted an integrated action plan with specific tasks and with a clear time frame for the modernisation and development of an automated system for the preparation of the budget in line with its new financial circular plan.

This will allow MoF to provide a trail operation for a number of federal entities, in preparation for the development of a business model that is applicable to all federal parties.

Following that the Ministry is organising a series of training courses and workshops for professionals and specialists from various federal entities to train them on using the automated system for the preparation of the budget and methods to best utilise the budget preparation procedures manual.