His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, stressed the importance of continuing to work hard to develop and enhance the level of services provided to citizens and residents, through the optimal use of available financial resources.

During the meeting of the Finance and Economic Committee yesterday, the Minister said that the Ministry of Finance continues to work with all its partners to build on the achievements achieved and to support the Union's general budget with additional revenues through launching development projects that consolidate the financial stability in the country.

The size of the budget

The Financial and Economic Committee held its meeting yesterday at the Presidential Palace in Abu Dhabi, under the chairmanship of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and the presence of HH Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

The meeting was also attended by Minister of State for Financial Affairs Obaid bin Humaid Al Tayer, Minister of Infrastructure Development Dr. Abdullah bin Mohammed Belhaif Al Nuaimi and Central Bank Governor Mubarak Rashid Al Mansouri.

The Committee reviewed the draft budget for 2020 and the stages of the development of the general budget of the Union during the financial years.The financial statements issued that the size of the general budget of the Union for 2020, increased by 2% over the budget for the current year, with a total budget of 2019 about 60.3 billion dirhams.

The Committee discussed the cash flows in the light of the revenues received during the current financial year and the expected income for the remainder of the same year, in the light of updating the financial statements of the federal authorities.

Cash

The financial reports confirmed that the cash flow of flows is managed in accordance with the disbursement plan of the general budget of the Union, and meet the needs and requirements of disbursement of all federal authorities, in order to finance their projects and the implementation of programs and achieve strategic objectives.

The Committee also reviewed some future projects of the Federal Government, which aim to raise the efficiency and effectiveness of government services and develop financial procedures, in accordance with international best practices, and took appropriate decisions and recommendations.

The committee also discussed the latest developments related to the Etihad Rail Company project.The Etihad Rail Company seeks to make a qualitative leap in the logistics sector by providing additional solutions for the movement of freight and distribution, while leading the way in sustainable development and economic growth by linking the main centers of industry and transport.

The budget for the fiscal year 2019 is the largest in the history of the federal government, amounting to 60.3 billion dirhams, against estimated expenses of the same value and without a deficit, which is a new confirmation of the efficiency of the Ministry of Finance in the performance of its functions.

About 42.3% of the budget allocations were allocated to community development programs, while 17% was allocated to upgrading the education system and 7.3% to developing the health sector and providing the best medical services.

Hard work

His Highness Sheikh Hamdan bin Rashid Al Maktoum, stressed the importance of continuing to work hard to develop and enhance the level of services provided to citizens and residents, through the optimal use of available financial resources.

His Highness pointed out that the wise leadership in the UAE has always been guided by the need to develop, invest and manage financial resources efficiently and effectively, in order to provide a decent life for all citizens, and ensure their sustainability, including the good and happiness of future generations.

His Highness said that the Ministry of Finance continues to work with all its partners from the federal authorities and bodies, in order to build on the achievements recorded, and support the general budget of the Union with additional revenues through the launch of development projects that consolidate financial stability in the country, and supports the vision of wise leadership in achieving economic, social and financial sustainable development.

best practices

For his part, Al Tayer stressed the keenness of the Ministry of Finance to prepare the draft budget of the Union for 2020, in accordance with the best international practices adopted in this area, and following the highest standards of transparency and openness and cooperation with partners.

He said that the Ministry of Finance continues its efforts to develop the federal financial system and improve the level of services, to meet the aspirations of all customers, citizens, residents and government and private sectors. The UAE to be among the best in the world in terms of economic and social development by 2021. ”

The budget for the fiscal year 2019 is the largest in the history of the federal government, reaching 60.3 billion dirhams.

2%

Increase in the general budget of the Union for 2020.