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The UAE General Budget Committee met on Tuesday to discuss the draft budget for the 2023 fiscal year, the Dubai Media Office said on Tuesday.
In a statement, the Media Office said the committee discussed the federal government’s cash flow for fiscal years 2022 and 2023 based on actual expenditures, revenue for the current financial year and forecasts of expected revenue.
During the meeting, the committee directed the Ministry of Finance to proceed with the drafting of the federal budget for 2023 before submitting it to the UAE Cabinet for approval.
It also reviewed and issued necessary directives regarding federal entities requesting additional funding for 2022.
The seventh meeting of the committee was chaired by Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.
The meeting was attended by Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed, Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed, Minister of Finance Mohamed Husseini and Khalid Tamimi, Governor of the Central Bank of the United Arab Emirates and representative of the Ministry of Finance.
In October last year, Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, Approval of UAE budget Total spending in 2022 is AED 58.93 billion ($16 billion).
In June, the Federal National Assembly said the government planned to Raise its 2022 federal budget Additional expenditure of AED 1.23 billion.
The FNC said the increased spending would come from the federal government’s general reserve.
It said the UAE’s revenue is estimated to increase by about Dh374.9 million this year.
government net operating surplus more than doubled Revenues were boosted by higher oil prices in the first quarter of this year, according to data released by the Treasury Department last month.
Operating surplus rose to AED36.4 billion in the three-month period to the end of March, from AED15.9 billion in the same period in 2021.
Public revenue in the first three months of the year rose 39 percent year-on-year to AED123.8 billion, the data showed.
The UAE economy has rebounded strongly from last year’s pandemic-induced slowdown – with momentum picking up this year.
It will grow at its fastest annual pace since 2011, rising 8.4% in the first quarter of this year, official data showed.
The country’s economy is expected to grow by 3.8% in 2021 and is expected to grow by 5.4% and 4.2% in 2022 and 2023, respectively, according to central bank estimates.
Updated: September 13, 2022 at 2:14 pm
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