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UAE Sets Up Debt Bureau

ABU DHABI - The Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Shaikh Mohammed bin Rashid Al Maktoum on Sunday urged federal ministers to make concerted efforts to ensure sound implementation of their ministries’ initiatives and those of other federal entities.

Shaikh Mohammed, who was presiding over the regular meeting of the federal cabinet, told the ministers to focus on plans of top priority. The cabinet meeting was dedicated to review a report on progress of the federal government strategy in its first year.

The council of ministers also entrusted the Ministry of Finance to establish the general debt bureau, after giving its nod for a federal bill on general debt. The legislation seeks to chalk out a framework for regulating, issuing and managing state general debt.

The cabinet passed the working system of the Federal Human Resources Authority, which was established as per Federal Law No. 11 of 2008.

During the meeting, the ministers also explored proposed mechanisms to complete execution of other chapters of the government’s strategy in the next phase to achieve national goals.

The meeting, which took place at the Presidential Palace, was also attended by Deputy Prime Minister Shaikh Hamdan bin Zayed Al Nahyan.

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