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Shaikh Hamdan issues circular on federal budget preparation

Deadline for submitting draft of budget for 2019 is April 19

Gulf News

Dubai: Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, issued a financial circular on the preparation of the draft of the federal budget for 2019.

The budget for that year would be the third of the Ministry’s five-year plan for 2017 to 2021. The deadline for submitting the draft budget to the ministry is April 19, 2018.

In a statement on Thursday, Shaikh Hamdan stressed the ministry’s role in implementing effective financial policies that drive development and sustainability, as well as ensuring the safety of the financial system as per best international practices.

“The Ministry is dedicated to achieving its strategic objectives and contribute to the government’s efforts in supporting the national economy and creating a sustainable knowledge-based economy for generations to come,” he said.

The Minister of Finance also pointed out the importance of preparing the budget draft in accordance with the zero-based budget principles with the rules outlined in the financial circular.

By implementing a zero-based budgeting system, the ministry aims to recalculate the costs of activities of federal government entities to reach the actual cost of the required services without over-spending.

Shaikh Hamdan reiterated the UAE’s goals to rank first globally in different fields, as well as the country’s goals for sustainable development.