Thursday 21 June 2018

UAE seeks $34.4 billion cut in budget

Dubai, October 23, 2010

The UAE finance ministry has proposed a five per cent cut in the state budget for three years to Dh126.3 billion ($34.4 billion), a local paper said.

Arabic daily Al Ittihad said it obtained a September letter to officials from Minister of State for Finance Obaid Humaid Al Tayer, proposing the reduced budget for 2011-2013 as a measure to prevent a deficit.

Earlier, the legislature, Federal National Council (FNC), rejected the proposed budget, the paper was quoted as saying by our sister publication, the Gulf Daily News.

The secretary-general cited the FNC’s right to reject the proposal under the constitution. The FNC has the constitutional right to reject laws, and in the UAE, the federal budget is drafted as a law.

In the past, however, the government has passed laws without FNC approval when the legislature was not in session.

UAE President Shaikh Khalifa bin Zayed Al Nahyan, would be able to veto the FNC decision.

The UAE had planned a 2011-13 budget of Dh132 billion. In 2010, it increased the budget by 3.4 per cent to Dh43.6 billion from its 2009 budget. – TradeArabia News Service

Tags: UAE | Dubai | budget cut | Finance Ministry |

More Economy Stories

calendarCalendar of Events