UAE announced $7 billion for social projects even as it cuts federal budget.

The cabinet of the United Arab Emirates revealed through a tweet on Monday that it will be spending 26.04 billion dirhams ($7.09 billion) on social projects which will be a part of the budget for next year. 

As per the information revealed by the UAE news agency WAM, 21.3 billion dirhams was  designated for government affairs while 3,93 billion dirhams was allocated to federal projects. The total amount that added up to the budget was 58 billion dirhams. 

The Dubai media office said, quoting Dubai’s ruler Sheikh Mohammed bin Rashid al-maktoum, who is also the UAE’s prime minister, “the UAE economy will be among the fastest to recover in 2021, and the government has dealt with the 2020 budget efficiently and has all the tools to continue its financial and operational efficiency in 2021.”

The federal budget however saw a decrease this when compared to last year of nearly 15.8 billion dirhams which means last year it was 61.35 billion dirhams. Experts say that this will not make any major changes because the federal budget is the budget that the UAE as a whole is responsible for because emirates have a budget of their own. 

https://twitter.com/DXBMediaOffice/status/1322860146796744704?s=20

The emirati nation has taken this decision after the economy was hit by the coronavirus and the whole gulf nation saw an economic contraction after the oil prices went down. Even the largest economy in the region, Saudi Arabia, planned to cut spending by 7% this year. 

The International Monetary Fund released data that shows the curve that the UAE will be following after this economic downfall. The country is to witness a shrink of 6.6 percent and soon will follow back on path with a modest comeback of 1.3 percent by next year. 

“The federal budget in 2021 keeps pace with global economic changes without compromising national development priorities. Our message to all federal entities for the fiscal year 2021 is to have balance in spending, flexibility in plans, and efficiency in budgets,” said Sheikh Mohammed. 

When compared to other countries, the budget given by the UAE proves the stability of the country as when countries have slashed their budgets to half, the UAE only made a small change from what was the highest budget allotment in the history of UAE. 


Source:

 https://in.reuters.com/article/emirates-economy-budget/uae-to-spend-around-7-billion-in-social-projects-in-2021-budget-idINKBN27I0WY

https://in.reuters.com/article/emirates-economy-budget-int/uae-cuts-spending-in-2021-federal-budget-idUSKBN27H19W


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