The Ministry of Finance, MoF, has signed a cooperation agreement with the UAE Central Bank at its premises in Abu Dhabi. The agreement aims to enhance cooperation in areas of joint work, including monetary statistics and government financial and banking information.

The agreement was signed by Younis Haji Al Khoori, Under-Secretary of the MoF, and Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, in the presence of a number of directors and employees.

As part of this agreement, the UAE Central Bank will provide the ministry with banking information collected from financial institutions and banks. The Central Bank will also provide monetary and other related financial statistics through its Research and Statistics Department. The Ministry will provide the UAE Central Bank with government finance statistics reports and other related financial data through the work of its Coordination of Fiscal Policy Department.

Al Khoori stressed the importance of cooperation agreements which help in enhancing joint work and technical cooperation with different government entities in the country. He said, "The Ministry of Finance continuously works on strengthening its strategic partnership with different local and federal government entities to identify best practices and successful experiences in government financial work, public finances, as well as exchange information to maximise benefit of financial statements and develop mechanisms for fiscal policies in the UAE."

Al Falasi highlighted that the cooperation agreement comes as part of the Central Bank’s efforts to strengthen its partnerships with different local and federal governments. The agreement also represents an adequate framework for sustainability, enhances cooperation as well as improves statistical work for both parties. In fact, this helps in achieving the country’s objectives and particularly the UAE’s vision.

The MoF organised its 2016 annual forum in May, during which the ministry honoured its strategic partners who have provided the Ministry with strong and effective support, particularly the UAE Central Bank.

Source :WAM