Abu Dhabi: Minister of State for Financial Affairs Obaid Humaid Al Tayer recently released the financial circular No (2) of 2015 on the preparation of the general federal budget for the fiscal year 2016.
This initiative is in line with the medium term 2014-2016 plan for both federal entities and independent bodies, and follows the UAE Cabinet’s Resolution No (1/181) for 2008, which mandates the ministries and federal entities to prepare the general federal budget on the basis of a three year medium term plan, adopt the principles of a zero-based budgeting system and work as per the rules and regulations of the consolidated financial procedures manual, Ministry of Finance said in a statement on Sunday.
Commenting on the issuing of the circular, Obaid Humaid Al Tayer stressed the federal government’s commitment to prepare a draft budget for the fiscal year 2016, with the optimum use of federal government resources in order to achieve a positive impact on society with government spending and attain the highest returns possible.
“The Ministry’s main goal behind adopting a zero-based budgeting system is to have access to real cost through measuring the cost of all approved activities and comparing them to the cost of similar activities offered in private sectors,” Al Tayer stated.
“This falls in line with the implementation of the government strategy launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, aimed at improving the management of the federal government, adhering to prudent fiscal policies, increasing sources of income to achieve customer satisfaction; which in turn confirms the strength and durability of the UAE’s economic situation, its opportunity for growth and provides and maintains high levels of services for citizens and residents.”
MoF has set April 16, 2015 as the deadline for delivering the draft budget of the fiscal year 2016. It has created a special hotline number (02-6987575) for federal entities’ enquiries, and placed an inquiry form on its website for online support: http://mofservices.gov.ae/FFSS/anonymous/AddRequest.aspx
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