The President of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan, issued a federal law relating to the general budget of the Federation for the fiscal year 2022. According to the law, the revenues of the general budget of the Union for the fiscal year 2022 are estimated at fifty-six billion seven hundred and seven million dirhams (56,707,000,000), while the expenses amounted to about fifty-eight billion nine hundred and thirty-one million dirhams (58.931,000,000).
The law provides for the treatment of the expected funding difference to maintain the balance of the general budget of the Union in the fiscal year 2022 through: using part of the government’s cash reserve account, issuance of public debt instruments, and controlling public budget expenditures through procedures approved by the Council of Ministers. In accordance with the law, the Ministry of Finance is responsible for taking the financial and accounting procedures, making financial transfers and the necessary amendments regarding the implementation of the legislation issued regarding the restructuring of the federal entities, and the implementation of the decisions of the Council of Ministers issued regarding controlling the expenses of the general budget of the Union, covering the actual expenses for the purchase and establishment of the headquarters of the Ministry of Foreign Affairs and International Cooperation outside the country, closing government service centers and converting them to digital channels, and others.
The law prohibits any federal entity from submitting a request to approve a supplementary budget for its current or proposed programs during the fiscal year, except in accordance with the provisions of the Federal Decree Law No. (26) of 2019 regarding public finance, or based on directives from the Council of Ministers.
Source (Emirati Gulf Newspaper, Edited)
