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23 July 2024

Hamdan bin Rashid chairs regular meeting of ‘Financial and Economic Committee’

By Wam

The 39th meeting of the Financial and Economic Committee was held today at the Presidential Palace in Abu Dhabi, chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future; 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 Mansoori, Governor of the UAE Central Bank.

During the meeting, Sheikh Hamdan highlighted the necessity of continuing the positive development and the key achievements, especially in terms of the services offered to the country’s citizens and residents and efficiently utilising available financial resources, to achieve the UAE’s overall economic and social development.

The committee discussed the Federation’s general budget, in light of its revenues during the first half of the current fiscal year, as well as its projected income for the second half of the 2019 fiscal year, based on the latest financial data from federal authorities.

The committee also declared an additional financial provision request for 2019 from various federal authorities and took the appropriate decisions and recommendations while assessing the latest developments to the Federation’s general budget, based on financial data from 2005 to 2019. It also confirmed that the Federation’s general budget for 2019 will be three times the budget from 2005, amounting to AED60.3 billion.

The committee then discussed the expected cash flow for the 2020 fiscal year, based on financial data from federal authorities, and the efforts of the Ministry of Finance to update the draft budget for 2020. The ministry issued a financial circular on the preparations for the 2020 draft budget.

The committee presented some of the future projects of the Federal Government that aim to raise the efficiency of government services, improve financial procedures, and enhance government performance according to the best international practices.