The General Budget Committee, chaired by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, discussed the draft federal budget for 2022-2026. H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation virtually attended the committee's meeting, which was held today at Qasr Al Watan Palace.
The meeting looked into the procedures taken by the Ministry of Finance to draft the federal budget of 2022 pursuant to the Federal Law No 26 of 2019 on general budget and relevant decisions.
The meeting also explored the projections of federal cash flows for 2022, based on the revenue estimates developed by federal departments concerned using automated predictive analytics for future revenues.
The committee directed the Ministry of Finance to complete all measures needed for planning the draft five-year budget as per the approved strategic objectives in line with the UAE's next 50-year vision.
The committee also discussed the fiscal policies governing financing of capital projects in the federal government. It directed to execute all necessary measures needed in this respect.
Others agenda topics included the financial position of the federal government for the current fiscal year based on actual expenses and revenues collected during the first half of the year and the revenues projected to be collected in the remaining period of 2021. Relevant recommendations have been raised in this regard.
Attending the meeting as well were Mohammad bin Abdullah Al Gergawi, Cabinet Member and Minister of Cabinet Affairs, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, Khalid Muhammad Salem Balam Tameemi, Governor of the Central Bank of the UAE, and representatives of the Ministry of Finance.