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12 April 2024

Financial and Economic Committee reviews draft general budget 2019

By Wam

The Financial and Economic Committee has reviewed the draft budget for the Fiscal Year 2019 at its regular meeting under the chairmanship of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, at the Presidential palace in Abu Dhabi in the presence of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs .

The review follows an update by federal departments of their draft general budgets via the automated system in line with the Ministry of Finance’s Five-Year Plan (2017-2021) with a view to aligning the budget with the UAE Vision 2021.

The committee members discussed the expected cash flows for the 2018-2019 Fiscal Year in light of the federal departments' update of their expected revenues during 2019. Received financial reports have indicated the achievement of a fiscal surplus as a result of the implementation of the 2017 federal general budget, as cash has been provided to finance all of the planned economic and service projects in addition to expanding the funding of the infrastructure and construction sectors. A set of recommendations and decisions have been adopted in this respect.

Sheikh Hamdan during the meeting, lauded the robust foundation provided by the UAE leadership to ensure the full realisation of the UAE Centennial 2071 goals, namely making the UAE the best country in the world by 2071, and providing UAE citizens with best education and economic systems.

Attending the meeting were Sultan bin Saeed Al Mansouri, Minister of Economy; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development; and Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank.