I discussed the draft budget of the Union for the fiscal year 2021

Hamdan bin Rashid chairs the first meeting of the General Budget Committee

Hamdan bin Rashid and Mansour bin Zayed during the committee meeting.

WAM

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, chaired the first meeting of the General Budget Committee, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation .

The meeting, which was held at Al Watan Palace, was also attended by the Minister of Cabinet Affairs, Mohammed bin Abdullah Al Gergawi, the Minister of State for Financial Affairs, Obaid bin Humaid Al Tayer, and the Governor of the Central Bank, Abdul Hamid Saeed.

General budget

During the meeting, the committee discussed the federation’s general budget for the fiscal year 2020, and a number of issues, the most important of which are the stages of development of the federation’s general budget during the plan of previous fiscal cycles, the draft of the federation’s general budget for the fiscal year 2021, in addition to the measures that have been taken regarding the implementation of federal projects.

The committee reviewed the federation’s general budget for the fiscal year 2020, and reviewed developments in the implementation of the current year’s budget, cash flows in light of the updated financial statements of the federal authorities, and the decisive and unprecedented measures taken by the federal government, with the aim of containing the repercussions of the new Corona pandemic (Covid-19), Through which the Federal Government has demonstrated its commitment to harnessing all available resources to face the consequences of this global health crisis.

Global practices

The committee praised the efforts of the Ministry of Finance to prepare the draft of the general budget of the Union for the year 2021, in accordance with the best global principles and practices followed in this field, and by working remotely in coordination with federal authorities to implement all strategic projects approved within the 2020 budget, in light of global economic changes and the current exceptional situations.

The committee listened to an explanation about the development of the Federation's general budget in the past financial years, and stressed the necessity of continuing positive developments and maintaining the level of services provided to members of society, in light of the exceptional circumstances that the country and the world are witnessing as a result of the spread of the Covid-19 pandemic, stressing the importance of reaching an achievement. Optimal use of financial resources, in order to achieve development in all economic and social sectors, and to develop human resources in the country.

Cash flow

The committee also reviewed the expected cash flows in light of updating the financial statements of the federal authorities, in addition to developments in the preparation of the general budget project for the fiscal year 2021, where the committee addressed the procedures that the Ministry of Finance had implemented to update the draft budget, and directed to complete the procedures in accordance with the financial circular issued by the ministry in this regard .

The Ministry of Finance had made intensive and great efforts to prepare the draft of the general budget of the Union for the year 2021, in light of the spread of the (Covid-19) pandemic, as it held meetings with federal authorities through visual communication techniques, issued a financial circular regarding preparing the draft budget, and held workshops Remote training for federal agencies.

It also defined the necessary steps and procedures for preparing the draft budget, and coordinated with the concerned authorities in order to make the necessary adjustments.

With regard to federal projects, the General Budget Committee proposed the measures that have been taken regarding the implementation of federal projects, according to the approved plan and the financial allocations included in the Federation's general budget for the year 2020, and the necessary recommendations have been taken in their regard.

It is noteworthy that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, had finally approved the establishment of the Federation's General Budget Committee headed by His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Deputy Chairman of the Committee, and the membership of: His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Minister of Cabinet Affairs, Mohammed bin Abdullah Al Gergawi, and Minister of State for Financial Affairs, Obaid Bin Humaid Al Tayer.

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