General Budget Committee IN UAE holds its first meeting

Abu Dhabi 14 October 2020 WAM

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, chaired the first meeting of the General Budget Committee, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

The meeting – held at Al Watan Palace – was also attended by Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and Abdul Hamid Saeed, Governor of the Central Bank of the United Arab Emirates.

The committee discussed during the meeting the general budget of the federation for the fiscal year 2020 AD, and a number of topics, the most important of which are the stages of development of the general budget of the federation during the plan of previous financial sessions, and the draft general budget of the Union for the fiscal year 2021 AD, in addition to the procedures that have been taken regarding the implementation of federal projects.

The committee reviewed the federation’s general budget for the fiscal year 2020 AD, and reviewed developments in the implementation of the current year’s budget and cash flows in light of the updated financial statements of the federal authorities, and the decisive and unprecedented measures taken by the federal government with the aim of containing the repercussions of the new Corona pandemic / Covid-19 /, which showed the federal government Through her commitment to harness all available resources to face the consequences of this global health crisis.

The committee praised the efforts of the Ministry of Finance to prepare the draft of the general budget of the Union for the year 2021 AD in accordance with the best global principles and practices followed in this field, and through working remotely in coordination with the federal authorities to implement all strategic projects approved within the 2020 budget, in light of global economic changes and the current exceptional situations.

The committee listened to an explanation about the development of the Federation’s general budget in the past financial years, and stressed the necessity of continuing positive developments and maintaining the level of services provided to members of society, in light of the exceptional circumstances witnessed by the country and the world due to the spread of the Covid-19 pandemic, stressing the importance of reaching an investigation Optimal use of financial resources in order to achieve development in all economic and social sectors and the development of human resources in the country.

The committee also reviewed the expected cash flows in light of updating the financial statements of the federal authorities, in addition to developments in the preparation of the general budget project for the fiscal year 2021 AD, where the committee touched on the procedures implemented by the Ministry of Finance to update the draft budget, and directed to complete the procedures according to the financial circular issued by the ministry in this regard.

The Ministry of Finance had made intensive and great efforts to prepare the draft of the general budget of the Union for the year 2021 AD in light of the spread of the Covid-19 pandemic, where it held meetings with federal authorities through visual communication techniques, issued a financial circular regarding preparing the draft budget, and held training workshops For federal entities remotely, and has defined the necessary steps and procedures for preparing the draft budget, and coordinated with the concerned authorities in order to make the necessary adjustments.

With regard to federal projects, the esteemed General Budget Committee proposed the procedures that have been taken regarding the implementation of federal projects, in accordance with the approved plan and the financial allocations included in the Federation’s general budget for the year 2020 AD, and the necessary recommendations were taken in their regard.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the State and Ruler of Dubai, had recently approved the establishment of the Federation’s General Budget Committee headed by His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Deputy Chairman of the Committee, and the membership of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, His Excellency Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and His Excellency Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs.