UAE to hike federal budget by 2% in 2020

UAE, hike, 2020, budget, 2%, fiscal year, federal budget,

Dubai - An increase of two per cent will take the UAE's 2020 federal budget to Dh61.55 billion, its highest ever.



By Waheed Abbas

Published: Sun 29 Sep 2019, 11:00 PM

Last updated: Mon 30 Sep 2019, 2:50 PM

The UAE will increase its federal budget by two per cent in 2020 from the current year's Dh60.3 billion, it was announced on Sunday.
The budget for the fiscal year 2019 was the largest in the UAE with zero-deficit. Last year, 42.3 per cent of the budget was allocated to community development programmes, 17 per cent for upgrading the education system and 7.3 per cent to develop the healthcare sector. An increase of two per cent will take the UAE's 2020 federal budget to Dh61.55 billion, its highest ever.
The budget was approved by Financial and Economic Committee which held its meeting at the Presidential Palace in Abu Dhabi on Sunday under the chairmanship of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and in the presence of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The committee discussed the cash flows in the light of the revenues received during the current financial year and the expected income for the remainder of the year.
waheedabbas@khaleejtimes.com


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