UAE federal budget not swayed by oil drop
Declining oil prices will not affect the federal budget, Younis Al Khouri, an undersecretary at the Ministry of Finance, said on Monday.
Mr Al Khouri said that there was no change in the “volume and value” of approved expenditures in the 2015 federal budget, according to The National’s sister newspaper Al Ittihad.
The decline in oil prices in the world market has “no effect on public expenditure”, Mr Al Khouri said.
The 2015 federal budget stands at Dh49.1 billion, up 6.3 per cent against the previous year.
About Dh24bn has been earmarked for social welfare spending, and Dh20bn assigned for spending on federal administration.
The budget was approved by the consultative Federal National Council last Tuesday, and must now be approved by the UAE’s Supreme Council.
Abu Dhabi contributed Dh17bn to the federal budget, a third of total revenue, while Dubai contributed Dh1.2bn.
Ajman’s budget is set to be balanced, Sheikh Humaid Al Nuaimi, the emirate’s Ruler, said on Monday, with revenue and expenditure both equal to Dh1.061bn.
The budget was on Monday passed by decree, and accounts for expenditure starting from January 1.
Abu Dhabi and Dubai have not yet announced details of their budgets.
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Updated: December 30, 2014 04:00 AM