Video : Financial and Economic Committee reviews 2020 general federal budget

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, today affirmed the efficiency of the comprehensive development plans and strategies adopted by the UAE government, noting that the country’s leadership is keen to ensure the UAE would be the best country in the world by the UAE Centennial 2071 at the developmental, cultural, and social levels.

H.H. Sheikh Hamdan made the statements as he chaired today a virtual meeting of the Financial and Economic Committee, in the presence of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

During the meeting, the committee discussed, inter alia, the general federal budget for the fiscal year 2020, and drafting the general budget for 2021.

"The UAE’s leadership has laid down a solid foundation for government work to best serve the community, improve quality of life and achieve the country’s sustainable development goals," added Sheikh Hamdan during the meeting.

With regards to the 2020 general budget, the committee reviewed the budget’s cash flows, in light of the revenues collected during the first quarter of the current fiscal year. It also reviewed the expected revenues for H2 in the light of updated financial statements of federal authorities.

The committee also mooted the additional financial allocations for 2020 requested by federal authorities and appropriate decisions and recommendations have been taken.

The committee discussed the expected cash flows for 2021 and assessed the measures taken by the Ministry of Finance to update the 2021 draft budget.

The Ministry of Finance has recently issued a financial circular on the preparation of the draft budget 2021 and held relevant training workshops for all federal departments concerned.

The meeting took place in the presence of Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future, Sultan bin Saeed Al Mansouri, Minister of Economy, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, and Abdul Hamid Saeed, Governor of the Central Bank of the UAE.

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