Department of Finance, Government of Dubai: Smart Fiscal Planning – Most Innovative Strategic Governance Programme EMEA 2017

Dubai state departments and entities are pushing the envelope on governance, raising the bar across the board and providing excellence – and speed – in the delivery of services. Their unrelenting dedication to sound governance ensures, amongst others, top fiscal efficiency. The Department of Finance (DoF) of the government of Dubai offers a prime example of how to responsibly manage public resources. The department has put in place a comprehensive policy framework – Smart Fiscal Planning (SFP) – that allows for performance-based budgeting and automates the government’s planning and fund allocation processes.

The innovative approach implemented by DoF significantly improves operational efficiencies across the entire state apparatus by assuring baseline funding requirements. SPF takes into account the interests of all stakeholders and produces a wealth of hard data that, in turn, support decision making. Introduced at the start of 2014, the phased rollout of the SPF programme is now well underway with full implementation expected in early 2020.

SPF represents a holistic approach to public finances unlike any other in the world. The programme seeks to eliminate spending bottlenecks whilst improving transparency, accountability, and – crucially – financial and strategic planning. Thus, SPF fine tunes and perfects the budgeting process, ensuring fiscal sustainability.

The CFI.co judging panel is, quite simply, impressed. The judges expressed a collective wish for others to adopt a similar smart programme in order to improve fiscal rectitude. The panel commends the government of Dubai on its foresight and declares the Department of Finance winner of the 2017 Smart Fiscal Planning – Most Innovative Strategic Governance Programme EMEA Award.

marten

Recent Posts

Nordea Asset Management: Best ESG Team Europe 2024

Nordea Asset Management (NAM) has championed responsible investment for over three decades, beginning in 1988…

2 days ago

SegurCaixa Adeslas: Best Insurer Spain 2024

SegurCaixa Adeslas, a pre-eminent Spanish health insurance company, has demonstrated a formidable and truly impressive…

1 month ago

Banco BPI: Excellence in Sustainable Banking Initiative Portugal 2024

Banco BPI's dedication to sustainability is a beacon of proactive environmental and social responsibility. Beyond…

1 month ago

BSE Ltd: Champions of Capital Market Innovation and Efficiency Asia 2024

BSE Ltd, formerly known as the Bombay Stock Exchange, is a crucial player in India’s…

1 month ago

TMT Investments Plc: Visionary Leaders in Global Tech Venture Capital Europe 2024

TMT Investments Plc, publicly quoted on the AIM market of the London Stock Exchange since…

1 month ago

BNP Paribas Fortis: Outstanding Contribution to SME Financing Benelux 2024

BNP Paribas Fortis is a key player in the Belgian banking sector with a rich…

1 month ago