The Financial and Economic Committee discussed at its meeting No.(35) components of the general budget of the federal government for the fiscal year 2019. The meeting was chaired by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and in the presence of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
The meeting was attended by HE Mohammed bin Abdullah Al Gergawi, the Minister of Cabinet Affairs and the Future; HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs; HE Abdullah Belhaif Al Nuaimi, Minister of Infrastructure Development and HE Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank.
Following the meeting, HH Sheikh Hamdan bin Rashid Al Maktoum pointed out that the wise leadership laid solid foundations for the government’s operations, which supports the UAE’s efforts to achieve global leadership by ‘UAE Centennial Plan 2071’. The UAE Centennial Plan 2071 aims to make the UAE the best country in the world, including establishing the government of the UAE as the best government in the world, leading in different fields, building the best educational system as well as enhancing the productivity of the national economy.
HH also stressed the Government’s keenness to fulfil the wishes and aspirations of UAE nationals and residents alike, and increase welfare
During the meeting, the Committee reviewed the projected cash flows for the fiscal year 2018 and the year 2019. The Committee also reviewed requests for additional financial allocations of 2018 submitted by federal entities, whereby the Committee made the appropriate decisions accordingly.
The Committee updated the draft federal budget for the fiscal year 2019 once federal entities update their draft budget in the ‘Automated Budget System’ in accordance to the five-year federal budget 2017-2021, and in line with UAE vision 2021.
UAE ranked first in the ‘Efficiency of Government Spending’ index in the World Competitiveness Report issued by the World Economic Forum; as well as maintained its Arab leadership in the 2017 Global Innovation Index. The nation also maintained its position as one of the largest international development aid donors for the fifth year in a row and exceeded the United Nations’ target of 0.7% by representing 1.31% of its GNI for official development assistance. These results reflect the quality of financial resource management and its direction towards investments and social benefits that serve the community.
The Financial and Economic Committee praised the Ministry of Finance’s efforts on the preparation of the draft federal budget for the fiscal year 2019, and its leadership in managing cash flows and providing liquidity to finance federal projects. The Ministry held workshops for all ministries and federal entities to train the relevant parties to prepare the budget in accordance with the zero-based budget principles.
His Highness praised MoF’s efforts and the close coordination and cooperation between the Ministry and officials and specialists from other Ministries and Federal entities. He also highlighted the Ministry’s desire to strengthen its strategic partnerships with other federal entities and institutions, private sector organizations and local, regional and international organisations in order to achieve further achievements in the field of government financial work.