The Sharjah Finance Department (SFD) recently held a virtual meeting with the Finance Department in Ras Al Khaimah, which included discussions on various topics, namely the experience of the SFD implementation of performance balancing. The meeting also saw the presentation of technologies developed in the financial industry to allow remote work, as well as the financial industry’s handling of the coronavirus pandemic.
Enriching experience and sharing experiences
Dr Falah Al Husseini, Advisor of Studies and Researches at (SFD), said: "A package of ideas and proposals were discussed during the meeting, and experiences were exchanged. We also presented our experience in the field of implementing performance budgeting and presented the axes and objectives that were included in it, such as building the budget of activities and results. Additionally, we presented areas of development in the application of the methodology until 2023. We are pleased with the success of this meeting, which was beneficial to both parties and has laid the foundations for holding future meetings in a way that contributes to enriching experiences and achieving the highest levels of excellence and innovation."
Dr Falah Al Husseini added, "The meeting included extensive and in-depth discussions about defining the strategic plan that the Sharjah Finance Department adopts, and the steps taken for moving from balancing items to balancing activities and results. We also discussed the most important global experiences on which the Sharjah Finance Department relied for process of transition to performance balance. The most important challenges faced by the Department during implementation were covered, including methods of addressing and providing solutions, and the most important strategic, technical, and administrative requirements provided by the Department for the success of the experiment."
A distinctive experience globally, regionally, and locally
The experience of implementing the performance budget in the government of Sharjah is one of the most distinctive financial experiences globally, regionally, and locally in the industry. Distinguished results were achieved in managing government financial resources efficiently and flexibly, and achieving financial stability was an effective tool in handling the challenges presented to the world’s economies during the coronavirus pandemic. The Sharjah Finance Department became a reference for many countries, based on the strategic vision of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council, Ruler of Sharjah, whereby the government was able to build a unique success story. This success story was achieved through the support of the emirate’s wise leadership and Hamas Governmental agencies.
It is worth noting that the SFD has developed this model by implementing many unique advantages, including developing linking outputs with government results; developing a performance agreement between the Department of Finance and other government agencies; and developing an integrated financial reporting system to support the decision-maker.
Advanced technologies in the field of the financial system to work remotely
The meeting also included a discussion of advanced technologies in the field of the financial system to facilitate remote work and face the challenges of the exceptional circumstances. The development stages adopted by the Department to develop the Government’s financial system from 2006 until 2021 were presented, and directions and initiatives to develop the Government’s financial system until 2023 were also presented. Additionally, the meeting saw the presentation of the most important results and lessons learned from this experience, and solutions on how to move forward towards entrepreneurship and globalisation in public finance.
Strengthening relationships between local governments and exchanging experiences and knowledge
For its part, the Department of Finance in Ras Al Khaimah thanked the Sharjah Finance Department and praised its continuous efforts in support of government work. The main objective of this meeting was based on a series of cooperation activities in line with the SFD partnerships to strengthen relations between governments. The Department of Finance in Ras Al Khaimah has indicated a review of its most important achievements and experiences gained through implementing the transformation program.
The SFD is working to achieve a number of strategic objectives, including: managing, developing and providing cash liquidity; developing a performance budget system; implementing integrated and effective financial policies; building a global model in public finance; enabling smart transformation; and implementing seven-star services, in addition to strengthening the internal control system, empowering national human resources through developing a culture of innovation.