UAE's Ministerial Committee for Finance and Economic Matters discusses federal budget for 2010

The meeting was also attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, H.H. Sheikh Hamdan Bin Mubarak, Minister of Public Works, H.E. Sultan Bin Saeed Al-Mansouri Minister of Economy, H.E. Obaid Humaid Al-Tayer, Minister of State for Financial Affairs, and H.E. Sultan Bin Nasser Al-Suwaidi, Governor of the Central Bank of the United Arab Emirates.

The committee's meeting centered around reviewing the draft federal budget for the fiscal year 2010 presented by the Ministry of Finance. The draft budget submitted by the Ministry comprised of recommendations and proposals, from all federal authorities and ministries, in line with the government's strategy and the instructions of H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai to provide the highest level of service to the citizens of the country. The draft budget also covered investment projects that would facilitate progress in education, health, social services and infrastructure. These projects include extending inter-Emirate highways and building school buildings, hospitals, health centres, security facilities, universities and courts.

The Committee's recommendations were made in light of estimated revenues and spending.

Minister of State for Financial Affairs, H.E. Obaid Humaid Al-Tayer, said:

"This draft budget is a reflection of the economic and social options evaluated by the Ministry of Finance with an aim to maximize the State's capabilities to achieve speedy, just and sustainable development. It also focuses on strengthening its abilities to leverage resources effectively and efficiently at the federal level while focusing on sustainable economic growth."

The Ministry of Finance submitted the proposed budget to the Ministerial Committee for Finance and Economic Matters in line with the Cabinet Decree No. (181\1) for 2008 and Federal Law No. (1) for 2009 regarding the approval of budget for 2009 fiscal year.

Earlier, the Ministry of Finance issued a financial circular No. (4) dated 1/4/2009 to federal authorities regarding the drafting of the proposed federal budget for 2010 fiscal year.

The Ministry of Finance asked ministries to prepare their proposed budgets without exceeding the approved budgets of fiscal year 2009 and excluding funds that were expired.

The diligence of most ministries resulted in the Ministry of Finance achieving its deadline for submission of the draft federal budget to the Ministerial Committee for Finance and Economic Matters to review and amend the recommendations in time before submitting the budget to the Cabinet for approval.