Abu Dhabi: Fiscal and Economic Committee discussed today the federal draft budget for fiscal year 2013 in line with recommendations made on 5 June 2012 meeting.
H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, chaired the 18th meeting in attendance of committee members.
Presented by Ministry of Finance, the draft budget is synchronised with the UAE Federal Budgeting Framework 2011-2013, passed the Federal Cabinet in 2010.
The budget for 2011-2013 is estimated at AED 122.5 billion. AED 41.8 billion were earmarked for public expenditure in 2012 budget.
The committee reviewed additional requests for allocations by federal ministries and departments.
The Committee instructed the ministry to submit the draft budget to the Cabinet for action.
The framework for the federal budgeting and budget execution complies with international best practices and increase transparency and efficiency.
Seamless integration of annual budgets in three-year budget cycles: The UAE federal government follows a three-year budgeting cycle. The three-year period is synchronised with the three-year federal strategy. Within the three-year budget, separate allocations are made for each year.