‘UAE public debt law to be issued soon’

  • 2nd Oct 2018

Article Credit: https://lnkd.in/f2rCCsT

Published By Khaleej Times

The UAE will soon issue the public debt law, an official from the Ministry of Finance said in Abu Dhabi on Monday.

Undersecretary of the Ministry of Finance Younis Haji Al Khoori, while discussing the federal budget, was asked about the public debt law and he said: “Very soon you will hear about it.”

The public debt law has been long-delayed and the ministry has been working on it for years.

When asked if the studies for the same were finished. He said: “Everything is complete. You will soon hear about it.”

Al Khoori didn’t clarify if the debt law will be issued before the year end.

Meanwhile, Al Khoori elaborated on the Dh180 billion zero-deficit federal budget. He also noted that revenues have been ‘smooth’ after implementation of VAT earlier this year.

Al Khoori said the average increase in the financial allocations for the federal budget of 2019 amounted to 23.9 per cent compared to the budget cycle for 2014-2016.

He noted the focus was on health, education and social development.

The allocation to the social development and social benefits programmes, estimated at Dh25.5 billion, representing 42.3 per cent of the total budget while the allocations for public education, higher and university education programmes amount to Dh10.3 billion, representing 17 per cent of the total budget.

About Dh3.2 billion, 5.3 per cent of the total budget, was allocated for programmes to guarantee social rights and activate community integration in the Ministry of Community Development. Also, Dh1.6 billion is allocated to the Sheikh Zayed Housing Programme to provide suitable housing for UAE nationals. The allocations to the social benefits – pension programme amount to Dh4.5 billion.

About Dh22.6 billion (37.4 per cent of the total budget) is allocated to the Department of Government Affairs and Dh2.5 billion is allocated to the policies programmes to maintain clear policies that support the nation’s relations regionally and globally.

Financial allocations for projects implemented by ministries and federal entities stood at Dh841 million, in addition to the projects implemented by the Federal Authority for Electricity and Water, which are estimated at Dh1.2 billion.

Al Khoori said: “The 2019 consolidated general budget reflects the significant development of the UAE, the growth in the revenues of the federal entities, as well as the ability and commitment of these entities to achieve the strategic objectives adopted in accordance with the UAE Vision 2021.”

The combined budget includes the budgets of ministries and autonomous federal entities, including government support and their revenue, with the total consolidated budget for the fiscal year 2019 amounting to Dh69.3 billion distributed over the different payment groups.

The total consolidated budget for the next three years is expected to be approximately Dh200 billion.

– ashwani@khaleejtimes.com

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