The approval of the Federal General Budget 2024 comes in line with the budget plan 2022-2026…reports Asian Lite News
The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the federal budget 2024-2026 roadmap, with a total value reaching AED192 billion.
A budget for year 2024 has been allocated, with total estimated revenues valued at AED65.728 billion, marking a growth of 3.3 percent over fiscal year 2023, and total estimated expenses amounting to AED64.060 billion, registering an increase of 1.6 percent over AED63.066 billion of the fiscal year 2023.
The approval of the Federal General Budget 2024 comes in line with the budget plan 2022-2026, considering the processes carried out by the Ministry of Finance in line with the provisions of Federal Decree Law No (26) of 2019 on Public Finance, and related executive decisions.
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“The investment in social development and benefits represents 42 percent of the budget, followed by government affairs, at 39 percent,” Sheikh Mohammed said. “The rest of the budget was distributed to investments in infrastructure and economic resources as well as financial assets and investments together with other federal expenses.”
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance, noted that the federal general budget 2024-2026 roadmap sets the overarching framework for the federal government’s financial programme through optimal use of resources, diversifying government revenue sources, and maintaining a cautious and rational spending policy to continue supporting the paths of economic and social development that reflect on the citizens, residents, and visitors.
His Highness said: “The federal general budget reflects the strength of the national economy, and the balance of expenditures and revenues, in line with the directives of the wise leadership to achieve development and social needs for the coming years, and work to ensure the achievement of sustainable development by adopting the highest degrees of financial flexibility and efficiency for the federal government.”
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, confirmed that the adoption of the federal general budget for the fiscal year 2024 was based on the provisions of Federal Decree-Law No. (26) of 2019 concerning public finance. The Ministry followed best international standards and practices to achieve the developmental objectives and policies of the UAE and keep pace with global economic shifts through enhancing the efficiency of government spending and optimal use of financial resources in strategically important sectors.
He pointed out that the federal budget reflects the strength of the national economy and the abundance and sustainability of resources to finance developmental, economic, and social projects.
He noted that an essential part of the 2024 budget was allocated to social development sectors and social benefits, confirming the UAE’s approach to raising living standards, providing a decent life for citizens and residents, and developing government services.
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