Finance Ministry Announces '2018 Consolidated Annual Report' Results

Finance Ministry announces '2018 Consolidated Annual Report' results

ABU DHABI, (Pakistan Point News - 22nd Jan, 2020) The Ministry of Finance, MoF, announced this morning the results of the 2018 Consolidated Annual Report of the federation, and the final accounts of independent entities.

The announcement came alongside the ministry’s participation in the Federal National Council's third meeting, which took place in Abu Dhabi.

The report stated the value of revenues reached AED56.1 billion in 2018, an increase of 7.2 percent since 2017, against expenses amounting to AED54.0 billion, an increase of 5.6 percent since 2017, resulting in a budget surplus of AED2.1 billion, an increase of 78.9 percent over 2017.

Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Younis Haji Al Khoori, Under-Secretary of MoF, Mariam Al Amiri, Under-Secretary of the Financial Management Sector, and the ministry’s relevant team, participated in the meeting.

At the meeting, Al Tayer presented the consolidated annual report of 2018, which included a summary of the data collected, and the consolidated financial performance statement, in addition to the efforts of the Ministry of Finance in developing the consolidated financial performance of the federal government.

He said, "The ministry is committed to submitting the consolidated annual report in accordance with international best practices, in order to depict an accurate picture of the nation’s financial position, and draw up financial policies that elevate the Union’s financial position."

Based on the results of the 2018 consolidated annual report, 33.7 percent of the revenues were from UAE emirates, and 66.3 percent from other sources. The expenditures were divided between employee compensation amounting to 41.2 percent, commodity and service requirements amounting to 29.3 percent, and other expenses amounting to 29.3 percent.

The consolidated financial performance statement noted that the revenue implementation rate amounted to 102.3 percent comprising of taxes, social contributions, and other federal contributions and revenues. The expenditure implementation rate amounted 95.8 percent and included citizens compensation, commodity and service supplies, subsidies, grants, social benefits, other expenses, and assets that have financial credits.

The value of the current assets amounted to AED44.2 billion, and included bank balances at 34.2 percent, and other receivables by 65.8 percent. As for the current liabilities, they amounted to AED27.6 billion, which included 1.3 percent of bank accounts payable, and 65.8 percent of other credit balances.

Al Tayer affirmed the ministry’s keenness to improve the effectiveness and efficiency of financial reports and data in the Federal Government. Such reporting will provide data that reflects the true financial performance of the Union, and support the decision-making process based on sound planning for the distribution of available financial resources, which in turn contributes to achieving comprehensive and sustainable economic and social development in accordance with the vision of the Federal Government 2021.

The consolidated annual report is an annual report issued with the approval of the consolidated annual financial statements of the federal authorities. The Ministry of Finance prepares it based on the final account reports submitted by the federal authorities, and includes the consolidated financial statements, which are: the consolidated financial performance statement, the consolidated financial position statement, the cash liquidity statement and the explanatory note.