The Strategic Plan 2023–2026 for the Ministry of Finance was unveiled on Sunday by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler and Minister of Finance of Dubai.
It serves as a road map for enhancing governmental performance through financial empowerment, sustainability, innovation, and vision into the future.
The objectives of the UAE Centennial Plan 2071 and the directives of His Highness Sheikh Mohammed Bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, respectively, are all reflected in the Ministry of Finance’s four-year strategy.
“We will develop and implement sustainable financial policies to promote economic growth, create a competitive business environment, strengthen international economic relations, and build trust and transparency,” Sheikh Maktoum stated.
“The Ministry will aim for excellence in its work with the federal government. We will make sure that our economy is adaptable and resilient in order to meet long-term national goals in a world that is rapidly changing, he said.
“Our plan lays out achievable medium-term goals that take into account everything from human resources and governmental frameworks to the local business climate, financial regulations, and international ties. Additionally, it will provide government enablers more ability to accelerate the execution of our strategic projects, according to Sheikh Maktoum.
The use of best practices in human resources, leadership, quality standards, institutional excellence, and performance assessment, he said, will be given priority. We will also provide effective institutional services and AI-enabled digital infrastructure.
The finest practices in institutional innovation and change management would be combined, he added, “and we will also promote innovative practices based on flexibility, proactiveness, and readiness to do so.”
Three strategic objectives are outlined in the Strategic Plan 2023–2026 for the Ministry of Finance.
First, through two initiatives—creating a public finance roadmap, enhancing analytical capabilities, and assuring sound financial management—enable financial performance excellence inside the federal government.
Second, make sure the economy is sustainable for a more inclusive future. Two initiatives—managing the public debt and developing fair tax laws that take into account regional and global trends—will be the driving forces behind this.
Third, improve the country’s financial stability. This objective will be made possible by two projects: creating a framework for financial emergency response and recovery, and creating a program for collaboration with foreign ministries of finance in the area of public finance.
There are four primary aims and recurring tasks in the Strategic Plan 2023–2026.
Developing a sustainable fiscal policy is the first of three duties, which also include preparing and assessing financial laws and regulations, enhancing the sustainability of public finances, and managing risk.
By managing and overseeing the government’s financial committees and interests in businesses, institutions, and organizations, as well as supporting robust economic growth and a competitive business environment, the government can also improve the environment for doing business.
Third, boosting shared Gulf financial and economic integration prospects and benefits, promoting worldwide financial interests, and fostering and improving global tax links are three duties that fall under this category.
The fourth responsibility is managing the government procurement platform. The other three involve managing and governing financial data, preparing and managing the federal government’s financial operations, and refining and developing systems for budget planning and implementation.
A strategy for government enablers is outlined in the Strategic Plan 2023–2026. Three strategic projects—financial leaders and future skills; developing the Ministry’s artificial intelligence framework; and designing a framework for attracting and retaining talents—are part of the objective to attract and enable talents and to provide effective and efficient institutional services and digital structure.
Ten periodic tasks were identified to accomplish the first government enabler and its strategic projects, including: managing financial resources and procurement effectively in accordance with international best practices; implementing best human resource practices and international best leadership; establishing quality standards and institutional excellence; ensuring internal and external communication; setting and developing the strategic plan; measuring performance.