The state has adopted the largest federal budget and has a high rating and financial reserves

«Finance»: The financial and economic situation is strong.. and there is no intention to increase fees

  • “Finance”: A solid and comprehensive approach to economic and social development.

    ■ archival

  • Younis Haji Al-Khoury: "The revenues of the federal ministries are a positive indicator of the recovery of the national economy from the repercussions of (Corona)".

  • “Finance”: The actual revenues of the federal ministries during the fourth quarter of 2021 increased by 21.6%.

    Photography: Najeeb Mohamed

picture

The Undersecretary of the Ministry of Finance, Younes Haji Al-Khoury, confirmed that the financial and economic situation of the country is strong, and there is no intention to increase fees during the current year.

Al-Khoury referred to "Emirates Today" to several indicators of the strength of the country's economic situation, most notably: the adoption of the largest federal budget for the "2022-2026" cycle, the federal government's revenues, the issuance of sovereign bonds, as well as the credit rating, and high financial reserves.

federal budget

In exclusive statements to "Emirates Today", Al-Khoury said that there are several clear indicators of the strength of the financial and economic position of the UAE, which enhances its position on the map of competitiveness, as a leading center for finance, business, trade and investment, the most important of which is: the adoption of the largest federal budget for the "2022" cycle. 2026”, at an amount of (290) billion dirhams, as the efforts resulted in the UAE’s adoption of the general budget of the Federation for the fiscal year 2022 in the amount of (59) billion dirhams to meet the requirements of government programs and support various sectors, especially the economic development sector, and the implementation of infrastructure and capital projects, and in line with With the "UAE Centennial 2071", and preparing for the next 50 years.

Al-Khoury added: “The comparison between the financial appropriations of the budget for the fiscal year 2022 with the budgets of the years (2017-2021) cycle shows the great development in the size of the federal budget, which indicates the strength of the UAE economy, to achieve sustainable development, overcome the repercussions of the Corona virus pandemic, and recover All different economic activities and sectors.

Federal revenue

Al-Khoury continued: «An important indicator of the strength of the financial position is also the revenues of the federal government, as the indicators of financial reports confirm that the actual revenues of the federal ministries that were collected during the fourth quarter of 2021, increased by (21.6%) over the revenues collected during the same period from 2020, and this is a positive indicator that confirms the recovery of the national economy from the repercussions of the Corona crisis.”

Sovereign bonds

The Undersecretary of the Ministry of Finance confirmed that the third indicator of the financial strength of the state is the issuance of sovereign bonds, as the government of the UAE, represented by the Ministry of Finance, offered a package of multi-tranche sovereign bonds, denominated in dollars, for subscription, pointing out that the various segments of government bonds offered collected four billion Dollars, while bond purchase requests in all of its segments exceeded the $22.5 billion barrier, which confirms the strong credit profile of the UAE.

credit rating

Al Khouri said that the fourth of these indicators is the advanced positions in the credit rating, as the UAE relied in its development path on a solid and comprehensive approach to economic and social development, which included building a strong credit profile, a solid balance sheet for the union, and a low level of government debt, which enhanced economic stability. general.

Al-Khoury pointed out that in addition to its efforts to enhance the efficiency and skills of human cadres, the state has successfully managed to achieve solvency and high financial reserves, as a direct result of its efficient management of economic projects, which contributed to the UAE’s obtaining a high credit standing and great confidence in global markets. It received a sovereign credit rating of “AA-”, with a “stable outlook” by “Fitch International”, and a rating of “Aa2” in creditworthiness, which is the strongest sovereign rating in the region with a “stable outlook” by the rating agency. International "Moody's".

Al-Khoury concluded by saying: "There is no intention to increase the current fees according to the current economic situation, with the support of the strong financial situation of the state."

Follow our latest local and sports news and the latest political and economic developments via Google news