Dubai: Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, issued financial circular No (10) for 2019 on the preparation of the draft general budget of the federation for the 2020 fiscal year.
According to a statement on WAM, this year is the fourth of the five-year plan for 2017-2021, and the circular set March 22, 2019 as the deadline for the submission of draft budgets of federal entities to the Ministry of Finance.
The aim of the circular is to strengthen the government’s financial planning and budget implementation, as well as increase efficiency — all to help manage the government’s financial standing and cash flows, the statement said.
The 2019 fiscal budget is estimated at a total of Dh60.3 billion, against estimated expenditures in the same value sans deficit. Community development programmes accounted for 42.3 per cent, with 17 per cent allocated towards upgrading the education system, and 7.3 per cent towards developing the health sector in order to provide quality medical services.
Shaikh Hamdan affirmed the cabinet support for Ministry of Finance efforts in preparing the nation’s general budget, as well its oversight of the various government entities’ revenue and expenditure estimates in accordance with the provisions of the laws, decrees and decisions made.
“The Ministry of Finance continues to work with all relevant parties to prepare the draft budget for the fiscal year 2020 in adherence with international best practices and using the latest electronic systems,” he said.
“This will increase the efficiency of public spending, which in turn enables federal entities to achieve their goals and objectives in an optimal manner, and prepare a development budget that encourages investment spending. Furthermore, this contributes to improving government services; including provision of high-quality education, health and social services in order to achieve prosperity.”
The ministry’s website lists all the data and information needed to help guide federal government entities when preparing their draft budget as this improves the government’s financial performance, financial planning, and helps in the development of effective mechanisms key to the preparation of the general federal budget.