UAE Leaders Examine Draft General Budget For Fiscal Year 2025
In the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, the General Budget Committee convened its 11th meeting. The session focused on discussing the draft general budget of the UAE for the fiscal year 2025.
The meeting took place at Qasr Al Watan in Abu Dhabi and was attended by key officials including Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE). Representatives from the Presidential Court and the Ministry of Finance were also present.
During the meeting, several topics were discussed, with a primary focus on the draft general budget for 2025. This draft is part of the budget plan for the years 2022-2026. The Ministry of Finance coordinated with all federal entities to prepare this budget, considering both local and global economic developments.
The procedures followed align with Federal Decree-Law No. (26) of 2019 on public finance, along with its amendments and relevant decisions. The committee directed that all necessary steps be completed to prepare the draft federal budget for 2025 before submitting it to the Cabinet.
The committee reviewed the federal government’s cash flow for the current fiscal year. This included actual revenues collected so far and revenue projections for the remainder of the year. These projections are based on updated revenue forecasts for federal entities.
The financial position for 2024 was also examined, considering actual expenditures and revenues during the first half of 2024. Indicators show growth in various sectors and activities within the national economy.
Capital and Developmental Projects
Updates on approved capital and developmental projects completed during the past months of 2024 were presented to the committee. These updates provided insights into ongoing progress and future expectations.
Federal Budget Approval
The Cabinet has approved the federal budget for 2024, with revenues amounting to AED 65.728 billion and expenditures totalling AED 64.060 billion. This approval reflects careful planning and strategic allocation of resources to support national growth objectives.
With inputs from WAM
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