Financial and Economic Committee discusses 2019 federal budget

ABU DHABI, The Financial and Economic Committee has discussed components of the general budget of the federal government for the fiscal year 2019.

The meeting was chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, in the presence of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

Following the meeting, Sheikh Hamdan pointed out that the wise leadership laid solid foundations for the government’s operations, which supports the UAE’s efforts to achieve the “UAE Centennial Plan 2071.” It aims to make the UAE the best country in the world, including establishing the UAE government as the best government in the world, leading in different fields, building the best educational system as well as enhancing the productivity of the national economy.

During the meeting, the committee reviewed the projected cash flows for the fiscal year 2018 and the year 2019. The committee also reviewed requests for additional financial allocations of 2018 submitted by federal entities, whereby the committee made the appropriate decisions accordingly.

The committee updated the draft federal budget for the fiscal year 2019 once federal entities update their draft budget in the “Automated Budget System” in accordance with the five-year federal budget 2017-2021, and in line with the UAE Vision 2021.

The UAE ranked first in the “Efficiency of Government Spending” index in the World Competitiveness Report issued by the World Economic Forum, as well as maintained its Arab leadership in the 2017 Global Innovation Index. The country also maintained its position as one of the largest international development aid donors for the fifth year in a row and exceeded the United Nations’ target of 0.7 percent by representing 1.31 percent of its GNI for official development assistance. These results reflect the quality of financial resource management and its direction towards investments and social benefits that serve the community.

The Financial and Economic Committee praised the Ministry of Finance’s efforts on the preparation of the draft federal budget for the fiscal year 2019 and its leadership in managing cash flows and providing liquidity to finance federal projects. The ministry held workshops for all the ministries and federal entities to train the relevant parties to prepare the budget in accordance with the zero-based budget principles.

Sheikh Hamdan praised the MoF’s efforts and the close cooperation between the ministry and officials from other ministries and federal entities. He also highlighted the ministry’s desire to strengthen its strategic partnerships with other federal institutions, private sector organisations, as well as local, regional and international bodies to achieve further achievements in the field of government financial work.

The meeting was attended by Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, and Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank.

Source: Emirates News Agency