The UAE's Ministry of Finance (MoF) has launched the initial phase of the Federal Financial System which will entail the collaboration of 16 ministries and four federal independent bodies.

The system is aimed at improving the effectiveness and efficiency of the federal government's financial system.  It boosts the federal entities' ability to produce accounts and guarantees better use of the federal government's resources, a Wam report said.

The launch ceremony at the ministry's headquarters was attended by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Younis Haji Al Khouri, Under-Secretary of MoF.

MoF also announced that the second phase of the Federal Financial System will be launched by the end of this month,
 whereby the remaining federal independent bodies will join the financial system.

The system's features and functions have been developed to meet the requirements of all ministries and federal independent bodies at the end of June 2014, the report said.