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Mon 30 Sep 2019 08:20 AM

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UAE's 2020 federal budget to see 2% boost

42.3% of the UAE's federal budget next year will go to social development projects

UAE's 2020 federal budget to see 2% boost
The UAE’s Financial and Economic Committee reviewed a number of projects designed to improve the quality of government services and develop financial procedures in line with global best practices.

The UAE’s federal budget for 2020 will increase 2 percent from 2019’s budget of AED 60.3 billion, with over 40 percent going to community development programmes.

According to the UAE’s state-run WAM news agency, a total of 42.3 percent of the budget will go to social development, while 17 percent will go to education and 7.3 percent will go to the health sector.

This year’s federal budget was the largest in the UAE’s history.

In a meeting on Sunday, the UAE’s Financial and Economic Committee – chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler and Minister of Finance, met to discuss government cash flow and projected revenue for the rest of 2019.

The committee found that cash flows are in line with the government’s currently budget and meet the requirements of government entities to fund their projects.

The committee also reviewed a number of projects designed to improve the quality of government services and develop financial procedures in line with global best practices.

Additionally, the committee also reviewed the progress of the Etihad Rail Company project and its potential benefits to the UAE’s logistics sector.