The UAE has approved a Dh180 billion zero-deficit federal budget.
PHOTO BY ARCHIVE
DUBAI – A public debt law will soon be issued in the UAE, said an official from the Ministry of Finance in Abu Dhabi.
Undersecretary of the Ministry of Finance Younis Haji Al Khoori said details about the law will be announced “very soon”. He did not give a timetable.
Al Khoori, however, said the long-delayed law is complete. The ministry has been working on formulating it for years.
The law is expected to regulate the conditions, manners and procedures in which the UAE may borrow funds and manage public debt.
The official made the statement as the UAE approved a Dh180 billion zero-deficit federal budget on Monday.
Financial allocations for the federal budget of 2019 reflected an increase of 23.9 percent, with a focus on health, education and social development. GAD/Expat Media
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