UAE Cabinet's Financial and Economic Committee discusses 2016 budget bill

The Financial and Economic Committee of the UAE Cabinet, tonight discussed the budget bill for 2016, the last year of the 2014-2016 cycle, in a meeting chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and attended by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, Mohammed bin Abdullah Al Gergawi, Minister for Cabinet Affairs, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and Sultan bin Saeed Al Mansouri, Minister of Economy.

At the meeting which took place at the Presidential Palace, the committee discussed the 2016 budget bill in the light of the projected monetary liquidity in 2015, the financial flows for 2016, the revenue and expenditure of the federal government for the fiscal year 2015-2016. The bill includes the costs of the strategic goals of the government including main services provided by ministries and federal departments and related activities.

The committee recommended a number of measures to keep the budget balanced for these two years and take necessary action to complete work on the 2016 budget bill.

The committee also reviewed requests submitted by federal ministries and departments for additional credit for their 2015 budgets. The committee took decisions and made recommendations to be submitted to the Cabinet.

The Ministry of Finance had set 16 April as the deadline for ministries and federal departments to submit their budget bills and update their data according to the federal government's strategy based on the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, for achieving further prosperity for citizens and pursuing effective financial policies that keep the balance between welfare and the demands of development.