The UAE Ministry of Finance (MoF) has launched the initial phase of a new Federal Financial System, which will provide a financial platform for 16 ministries and four federal independent bodies in the country. The solution will control 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 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. 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 second phase of the project will launch at the end of this month, when 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 .
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