Budget deficit put at $591 million

28 March 2002

The cabinet approved on 25 March a draft of the UAE federal budget for 2002, projecting a deficit of AED 2,170 million ($591 million), some 3.2 per cent less than the budget for 2001.

Total expenditure is budgeted to be AED 23,156 million ($6,309 million), compared with AED 22,633 million ($6,167 million) in 2001.

Total revenues for the new fiscal year are set at AED 20,987 million ($5,718 million), a 3 per cent increase over last year. The direct contribution from the emirates - the vast majority of which comes from Abu Dhabi - will be AED 13,680 million ($3,727 million). The remaining AED 7,290 million ($1,986 million) will be generated from internal federal revenues.

'The budget reflects a healthy economy, with higher income and controlled expenditure,' the official WAM news agency quoted Finance & Industry Minister of State Mohammad Khalfan bin Kharbash as saying. 'Priority has been given to education, health, social security, power and water and infrastructure development.'

A total of AED 1,515 million ($413 million) has been allocated for the education sector and another AED 858 million ($234 million) to the Federal Electricity & Water Authority.

You might also like...

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications