She emphasized that the UAE enjoys an excellent position in the field of public finances
“Finance”: Executing all federal projects without interruption or delay
Al-Finance: The UAE is the first Arab country to prepare a five-year budget.
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Yunus Haji El-Khoury: "The Union’s general budget included funds to finance the government's share of the railway network."
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The Undersecretary of the Ministry of Finance, Yunus Haji Al-Khoury, confirmed that work is currently underway to implement all federal projects to the fullest without stopping or postponing any of them.
Al-Khoury told "Emirates Today" that the financial situation of the UAE is excellent, pointing out that work is currently underway to develop a coordinated strategy among all concerned parties, and to take the necessary approvals from the Cabinet before announcing the issuance of government bonds.
Union budget
In detail, the Undersecretary of the Ministry of Finance, Yunus Haji Al-Khoury, said that the Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, approved the Federation's general budget for the fiscal year 2021, with a total estimated expenditure of 58.1 billion dirhams.
He added: “The leadership has directed the necessity to implement and complete all federal projects approved in the Union’s general budget for the year 2021, in accordance with the approved plan,” stressing that work is underway to implement all federal projects to the fullest, without stopping or delaying any of them.
On the most important of these large federal projects, the Undersecretary of the Ministry of Finance said: “The federation’s general budget for the year 2021 included financial funds to finance the share of the federal government for the establishment of the railway network in the country. A budget was also allocated for the projects of the Emirates Space Agency, and financial funds were included for infrastructure development projects.”
Financial situation
Al-Khoury emphasized that the UAE enjoys an excellent position in the field of public finance, pointing out that, in October 2016, the Council of Ministers approved the draft of the general budget of the Union for the medium-term for the years 2017-2021, with estimated expenditures of 247.3 billion dirhams, for five years, so that the UAE became the state The first Arab woman to prepare a five-year budget.
He added: “The preparation of this budget came under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to prepare the draft budget in the form of periodic plans every five years, with the aim of developing the level of social services, and focusing on raising the level of government services. Smart, and increase the percentage of customer satisfaction towards the efforts of the federal government to provide welfare, prosperity, happiness and security for community members.
Al-Khoury stated that the UAE approved a deficit-free federal budget of 61.35 billion dirhams for the fiscal year 2020, indicating that this amount reflects an increase of approximately 2%, compared to a budget of 60.29 billion dirhams for the fiscal year 2019, which makes the federal budget for 2020 the largest since State establishment.
Government bonds
Regarding whether the year 2021 will witness the issuance of any government bonds, Al-Khoury said: “With reference to Federal Decree-Law No. (9) regarding public debt, the Ministry of Finance, through the Federal Public Debt Office, seeks to implement Article No. (2) to develop the primary financial market. And secondary in the state, and support the implementation of the monetary policy of the Central Bank ».
He added that work is currently underway to develop a coordinated strategy among all concerned parties, and to take the necessary approvals from the Council of Ministers before announcing it.
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