UAE President issues Federal Law to maintain 2022 budget balance
UAE President Sheikh Khalifa bin Zayed Al Nahyan issued a federal law allowing the use of part of the government’s cash reserve account, the issuance of public debt instruments, and the control of budget expenditures in order to maintain the balance of the 2022 budget.
Federal Law No. (1) of 2022 regarding linking the Federation’s general budget for the fiscal year 2022 stipulated 56.7 billion dirhams in revenues and 58.9 billion dirhams in expenditures for the current year, provided that the financing difference is treated using part of the government’s cash reserve and the issuance of public debt instruments while controlling budget expenditures as available options, according to what the Ministry of Finance announced.
On the other hand, UAE Minister of State for Foreign Trade Thani Al Zeyoudi announced that the UAE has food reserves that are sufficient for at least six months.
Al-Zyoudi told Reuters on the sidelines of a conference in Dubai that the strategic reserves of food commodities include rice, wheat, and sugar.