[ad_1]
The UAE Cabinet on Tuesday approved a AED290 billion federal budget for five years until 2026, marking the beginning of the country’s next 50-year growth phase with greater “confidence, optimism and global ambition”.
The 2022-2026 budget was approved by the Cabinet chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, during the 2020 Dubai Expo.
The budget was proposed after the meeting of the General Budget Committee held on October 6th at the Expo 2020 Dubai site. The committee was composed of Sheikh Maktoum bin Mohammed bin, Deputy Ruler, Deputy Prime Minister and Minister of Finance of Dubai. Rashid Al Maktoum served as chairman.
Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan attended the General Budget Committee meeting last week; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Finance Minister of State for Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE.
The committee discussed the five-year federal budget based on the latest update of the Treasury Department’s budget-making process. The committee also reviewed the expected cash flows for fiscal year 2022 and the extended five-year period from 2022-26, taking into account the projected income of federal entities and public expenditure priorities related to development projects. The meeting also reviewed the federal government’s spending policy for fiscal year 2021 and the revenue of federal entities in the third quarter of this year. It also reviewed national income based on the acceleration of the economic recovery. issacjohn@khaleejtimes.com
.
[ad_2]
Source link