H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired the seventh meeting of the UAE’s federal General Budget Committee.
The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE); in addition to representatives of the Ministry of Finance.
The General Budget Committee discussed several topics, including federal cash flow for financial years 2022-2023, in light of the actual expenditures and revenues during the current financial year and the expected revenues.
The Committee also discussed the federal budget for the financial year 2023 in light of recent developments and the Ministry of Finance’s updated procedures for developing the federal general budget in accordance with the UAE’s Federal Law No. (26) of 2019 on the public budget.
The Committee also issued directives to the Ministry of Finance to proceed with drafting the 2023 federal budget before presenting it to the UAE Cabinet for approval. The Committee also reviewed and issued the necessary directives regarding federal entities’ requests for additional funding for 2022.