Sheikh Hamdan Bin Rashid Al Maktoum, Minister of Finance Image Credit: WAM

Abu Dhabi: The UAE’s federal budget for 2020 will increase by 2 per cent, up from the 2019 budget of Dh60.3 billion, with 42.3 per cent will go to social development.

The Financial and Economic Committee, chaired by Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler and Minister of Finance, announced on Sunday.

The committee has allocated 17 per cent of the 2020 budget to education, while 7.3 per cent will go for the health sector.

This year’s budget is the largest federal budget in the country’s history.

The committee addressed cash flows in the light of revenues collected during the current fiscal year and projected revenues for the remaining period of the year, in line with the update of federal financial statements.

The financial reports confirmed that cash flows are managed in compliance with the spending plan of the general budget, to meet the needs and requirements of all federal entities to fund their projects and implement their programmess that help achieve their strategic goals.

The committee reviewed some future projects that aim to raise the efficiency and effectiveness of government services and develop financial procedures, in keeping with the global best practices, and made appropriate decisions and recommendations.

It also discussed the latest developments related to the Etihad Rail that seeks to make a quantum leap in the logistics sector by providing additional solutions for freight and distribution traffic, while leading in sustainable development and economic growth.

The committee’s meeting was attended by Sheikh Mansour Bin Zayed Al Nahyan, Drputy Prime Minister and Minister of Presidential Affairs, in the presence of Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Dr. Abdullah Mohammad Bel Haif Al Nuaimi, Minister of Infrastructure Development and Mubarak Rashid Al Mansouri, Governer of the Central Bank.

- With inputs from WAM