The UAE is revamping the way it develops its federal budget, including releasing budgets every three years and adopting a "zero-based budgeting" format, the Ministry of Finance said earlier today.
The first three-year budget would run from 2011 to 2013, and the draft would be ready by November this year, the ministry said. Analysts deemed the move as more appropriate to help the country prioritise spending.
The UAE currently releases budgets every year and uses an incremental budgeting process. Each emirate, meanwhile, devises its own budget.
"We are moving away from incremental budgeting because incremental budgeting presumes a stable environment where current activities persist at roughly the same cost in future years," the ministry said.
"Zero-based budgeting is useful for rapidly growing GDP and (the) need for large-scale infrastructure development."
Last year, the Government said it raised 2009 state expenditure by 21 per cent to Dh42.2 billion (US$11.49bn) in a balanced budget.
Like its neighbours in the world's biggest oil-exporting region, growth in the UAE is slowing after a six-year economic boom as it suffers from a slump in oil prices and recession in much of the industrialised world.
Ministry undersecretary Younis al-Khouri said individual emirates and ministries contribute to federal revenues, which are "stable, fixed and not dependent on the oil price".
Dubai, facing a property downturn and economic slowdown, said in January it projected a budget deficit this year.
"It sounds (like) a much more positive and detailed approach to the budget, but one also needs to see how important the federal budget will be in the future compared to the budgets of individual emirates," said Marios Maratheftis, regional head of research at Standard Chartered.
"For an economy like the UAE which is diversifying rapidly, it is important for the Government to be making the necessary spending because the authorities have the financial strength," he added.
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Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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