The 2nd Arab Financial Forum in Tunisia was a dynamic platform that brought together diverse ideas and expertise from across the region. Held under the patronage of Her Excellency Mrs. Siham Al-Boughdiri, Minister of Finance of the Republic of Tunisia, the event encouraged dialogue and collaboration among various stakeholders. Whether as individuals or organizations, participants found this forum an excellent opportunity to highlight IT’s contribution to the public sector.
While preparing to deliver my speech on artificial intelligence (AI) and its application in public finance, I reflected on how AI was once a futuristic concept. Not too long ago, it seemed like a distant dream, yet today it has become a powerful tool for transforming financial processes. By automating and simplifying complex financial workflows, AI has made public finance not only more efficient but also more engaging and transparent.
The Forum: A Hub for Innovation and Collaboration
On Thursday, October 10, 2024, the 2nd Arab Financial Forum for the Sharjah Award for Public Finance kicked off in the capital city of Tunis. The event was jointly organized by the Sharjah Finance Department and the Arab Administrative Development Organization (ARADO) under the League of Arab States, in collaboration with Tunisia’s Ministry of Finance. It was an honour to be one of the main speakers, invited by the Finance Department of Sharjah, represented by Mr. Waleed Al Sayegh and Sheikh Rashid Al Qasimi, along with ARADO, represented by Dr Nasser Al-Qahtani.
The forum’s agenda focused on digital financial technologies and their pivotal role in advancing public finance. Key discussions explored challenges related to digital transformation, the integration of AI in governmental financial services, and the critical importance of information security. The sessions highlighted diverse experiences and practices in digital financial technologies, fostering knowledge exchange among Arab nations. This collaboration aims to drive improvements in public finance systems, enabling them to address existing challenges and overcome obstacles faced by government ministries, departments, and agencies.
AI and Public Finance: A Paradigm Shift
Artificial intelligence has become a driving force behind transformative change in sectors like healthcare, finance, and governance. During my speech, I delved into the concept of AI and its profound impact on public finance. AI has emerged as a key enabler of efficiency in financial management, fostering transparency and accountability while addressing the growing demand for accurate data and informed decision-making.
AI’s capability to analyse financial data faster and more thoroughly than human efforts allows it to identify patterns, forecast economic trends, and enhance decision-making processes. I shared real-world examples of AI applications in public finance, including its integration into customized Government Resource Planning (GRP) systems. These systems help optimize resource allocation, improve financial management, and streamline processes.
The audience showed great interest in these ideas, engaging with thoughtful questions about AI’s practical implementation and the challenges of adoption. It was a pleasure to address their queries and elaborate on how AI can address specific financial and operational challenges.
Looking Ahead: The Role of AI in Public Finance
Adopting innovative AI-driven solutions will undoubtedly enhance productivity, accuracy, and transparency in the financial sector. At SGS, we are dedicated to applying AI across various domains, with a particular focus on public finance. Our participation in the 2nd Arab Financial Forum allowed us to contribute to the dialogue on activating AI in financial management, inspiring organizations to embrace this transformative technology.
While AI in public finance is still in its infancy, it holds immense potential to simplify complex processes, improve decision-making, and create more efficient systems. As we continue to explore new applications for AI, we remain committed to empowering governments and organizations to harness its capabilities for a brighter, more efficient future.
