The Ministry of Finance (MoF) has launched the initial phase of the Federal Financial System which will encompass the collaboration of 16 ministries and four federal independent bodies. The financial system boosts the federal entities' ability to export the chart of accounts and guarantees better use of the federal government's resources. The launch ceremony at the Ministry's Headquarters, was attended by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs; HE Younis Haji Al Khouri, Undersecretary of MoF; in addition to assistant undersecretaries and a number of the Ministry's staff. MoF also announced that the launch of the second phase of the Federal Financial System is set to come out at the end of February 2014 ; whereby the remaining federal independent bodies will join the financial system. The system's features and functions have been developed to meet the requirements of all ministries and federal independent bodies at the end of June 2014 . Commenting on the launch of the Federal Financial System's initial phase, HE Mariam Mohammad Al Amiri, Assistant Undersecretary for the Management of Financial Resources at MoF said: "The four month long initial phase allows the Ministry to focus importance on having a sophisticated federal financial system to enhance our ability to effectively manage government financial resources in line with international best practices." HE added: "Ministries and federal independent entities have shown great support on the implementation of the federal financial system by providing technical facilities, establishing joint working groups and participating in training courses and workshops organised by the Ministry. This support has significantly contributed to the successful launch of the initial phase of the system." The new Federal Financial System consists of a full range of electronic systems, which enhance the Ministry's capabilities, in terms of financing federal entities, the management and governance of financial procedures as well as the control of exchange budgets of federal entities in order to assign and develop their services. This system also enables the issuance of required financial statements in a precise and timely manner, which in turn allows the Ministry to identify the federal government's financial position and provide valuable technical assistance to decision makers. The Ministry had previously organised a series of business workshops in November of last year, that allowed staff from several ministries and federal independent entities to familiarise themselves with the new Federal Financial System. The workshops also allowed employees to learn and provide feedback on the mechanisms and procedures the Ministry was developing for the new system.
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