The Financial and Economic Committee discussed today components of the draft general budget of the federation for the fiscal year 2020 and looked into measures taken by the Ministry of Finance to update the draft budget.
The committee directed completion of these measures according to the financial circular on the preparation of the draft general budget of the federation for the fiscal year 2020. The preparation of the draft federal budget is based on a set of rules and regulations established by the Financial Procedures Manual and the principles of the Zero-Based Budget system.
During its regular meeting chaired by H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, at Qasr Al Watan today, the committee also discussed requests for additional financial allocations for 2019 submitted by federal entities in Q1 and took appropriate decisions accordingly.
The committee reviewed the projected cash flows for the fiscal years 2019 and 2020 as well as those for H1 for the fiscal year 2019-2020.
Projects aimed to improve efficiency and effectiveness of public services and develop financial measures were also tackled.
The committee also reviewed requests for additional financial allocations of 2018 submitted by federal entities, whereby the committee made the appropriate decisions accordingly.
The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future; Sultan bin Saeed Al Mansouri, Minister of Economy; Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs; and Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development.