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Economy

UAE plans to increase the size of 2020 budget by two per cent

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The federal budget for 2019 is around AED 60.3 billion, the largest in the history of the federal government.

Monday 30, September 2019

The UAE has approved an increase in the size of 2020 federal budget, topping the largest-ever budgetary plan the federal government had rolled out for 2019, according to local newswire, WAM.

The Financial and Economic Committee approved a rise of two per cent for the 2020 federal budget on top of the AED 60.3 billion the government had allocated for 2019.

Additionally, the financial committee reviewed the expected cash flows for the fiscal year 2020, to update the financial statements of the federal entities. The committee also assessed the recently prepared draft general budget for the fiscal year 2020, where the committee was directed to complete the procedures in accordance with the financial circular issued by the Ministry of Finance.

Obaid Al Tayer, the Minister of State for Financial Affairs, said, “The Ministry of Finance continues its efforts to further build upon the federal financial system and improve the services to meet the expectations of all citizens, residents and government entities.”

The Financial and Economic Committee also reviewed future projects of the federal government, which aim to raise the efficiency and effectiveness of government services, develop financial procedures and improve government performance in general in accordance with the international best practises.

 

TAGS : federal budget, Financial and Economic Committee

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