Chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Ministerial Development Council discussed a number of proposed legislations, initiatives and plans designed to further advance the government work.
During the meeting held today at Qasr Al Watan in Abu Dhabi, the Ministerial Development Council reviewed a set of draft laws and legislations, including amending the federal financial leasing law, which provides a clear regulatory framework for conducting financial leasing activities in the UAE and enhances the ability of businesses, SMEs in particular, to raise funding for their operations and achieve business growth and sustainability.
The Council discussed the executive regulation of the federal decree law on Public Finance and the executive regulation of the federal law on Product Safety.
The Council reviewed a proposal to form a committee on sustainable fuel and low-carbon fuel for the aviation sector, with the aim of enhancing future investment opportunities in this field, and developing an integrated strategy that promotes partnership between public and private sectors.
The Council also discussed adopting the accrual basis of accounting starting from 2021. This aims to improve government performance assessment in terms of achievements and the cost and effectiveness and of the services provided. It will also provide a clearer understanding of the government success in managing its resources and rationalizing its expenditures. The accrual basis of accounting provides a picture of financial statements for a number of years, allowing comparison and analysis processes over the years.