UAE committee meets to discuss draft general budget for fiscal 2024

It also reviewed the federal government's financial position for the year 2023

The committee reviewed federal cash flows for 2023 and reviewed the estimations of the projected budget expenditure through the end of the 2024 fiscal. Wam

The UAE General Budget Committee met on Wednesday to discuss the draft general budget of the Emirates for fiscal year 2024, Dubai Media Office said.

It was the ninth meeting of the General Budget Committee and was led by Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai, in the presence of Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Minister of the Presidential Court.

During the meeting, the committee discussed the 2024 draft general budget that forms part of the budget plan for the 2022-2026 period, in accordance with the Federal Decree-Law No (26) of 2019 on public finance, amendments, relevant resolutions and recommendations, the DMO said in a statement.

The committee directed the Ministry of Finance to complete drafting the 2024 general budget for submission to the UAE Cabinet. It also reviewed federal cash flows for this year and reviewed the estimations of the projected budget expenditure through the end of fiscal year 2024.

The committee reviewed the federal government's financial position for the year 2023, based on actual expenses and revenue collected during the first half of the year, which indicate the significant growth of various sectors and economic activities in the Emirates, the statement said.

The UAE economy has made a strong rebound from the coronavirus pandemic-induced slowdown and the pace of economic momentum has continued to improve on the back of government initiatives and higher oil prices.

In October, the UAE Cabinet approved the country’s federal budget for 2023 to 2026 with a total expenditure of Dh252.3 billion ($68.69 billion) and estimated revenue of Dh255.7 billion.

The Cabinet also approved the budget for fiscal year 2023, with total estimated expenses of more than Dh63.06 billion and projected revenue of Dh63.61 billion.

The country's non-oil foreign trade rose 17 per cent annually to hit a record Dh2.23 trillion last year as the Emirates put in place measures to diversify its economy and boost its economic partnerships, according to official figures.

During the Wednesday meeting, the committee was briefed on the progress of approved capital and development projects completed during the last months of the 2023 fiscal year.