The UAE’s General Budget Committee reviewed federal budget spending and cash flow for the 2020 fiscal year and the measures taken to mitigate the repercussions of the Covid-19 pandemic during its first meeting.
The meeting was chaired by Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and Minister of Finance, on Wednesday.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, recently approved the establishment of the committee.
He also appointed Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, as deputy chairman of the committee.
The UAE increased the size of its 2020 budget in September, exceeding the largest budgetary plan it unveiled 2019.
The Financial and Economic Committee of the UAE approved an increase of 2 per cent for the 2020 budget, on top of the Dh60.3 billion the government had allocated for 2019.
Sheikh Mansour, Minister of Foreign Affairs and International Co-operation Sheikh Abdullah bin Zayed, Minister of Cabinet Affairs Mohammed Al Gergawi, Minister of State for Financial Affairs Obaid Al Tayer and UAE Central Bank governor Abdulhamid Saeed attended the first meeting of the General Budget Committee.
The committee also discussed the 2021 draft federal budget and reviewed expected cash flow for the same period in light of the updated financial statements from federal entities.
Sheikh Hamdan reviewed the procedures taken to carry out federal projects and stressed the importance of developing and managing the nation’s federal financial resources efficiently.
The committee will provide the necessary funds for development programmes and projects aimed at supporting the UAE’s economic and financial model, and offer the best services to citizens and residents, he said.
Sheikh Hamdan directed government entities to allocate spending to serve the public interest and contribute to building a knowledge-based national economy.
He said that the UAE is making progress towards achieving its goal of global leadership under the UAE Centennial 2071 plan.
The initiative is intended to make the UAE the best country in the world in terms of economic and social development and put it at the forefront of global competitiveness in various fields.
The UAE registered significant achievements in this field despite the exceptional circumstances caused by Covid-19, Sheikh Hamdan said.
