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Several topics were discussed, including federal cash flow in 2022 and 2023 and expected revenue
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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired the eighth meeting of the UAE Federal General Budget Council on Tuesday.
The meeting was attended by Deputy Prime Minister and Minister of the Presidency Sheikh Mansour bin Zayed Al Nahyan; Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohammad Hadi Al Husseini, Minister of State at the Ministry of Finance; and Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), as well as representatives of the Ministry of Finance.
The committee discussed several topics, including federal cash flow for fiscal years 2022 and 2023, based on revenue generated in 2022 and projected revenue in 2023.
The committee also reviewed the federal government’s fiscal position for 2022 based on actual spending and revenue. These indices reflect the growth of the national economy against the backdrop of improvements in various economic sectors of the country.
The committee also reviewed requests for additional funding from federal entities for 2023. The committee heard progress on capital projects approved in FY 2022 and development projects implemented in 2023 in accordance with current regulations and financial procedures.
Earlier, the UAE Cabinet approved the UAE’s AED313 billion federal budget until 2026, the largest budget in the country’s history. The UAE maintains a flexible federal budget, which is regularly reviewed to adapt to the dynamic global situation.
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