Dubai - Mubasher: The UAE minister of finance Hamdan bin Rashid Al Maktoum on Tuesday issued a financial circular on the preparation of the AED 60.3 billion ($16.42 billion) draft general budget for the fiscal year 2020.
The circular set 22 March 2019 as the deadline for the submission of federal entities' draft budgets to the finance ministry, according to an official statement.
“The Ministry of Finance (MoF) continues to work with all relevant parties to prepare the draft budget for the fiscal year 2020 in adherence with international best practices and using the latest electronic systems,” commented UAE finance minister Hamdan bin Rashid Al Maktoum.
The new draft budget pays special attention to the development projects, as community development programs make up 42.3% of the budget, while 17% were allocated for the upgrade of the education system and 7.3% will be spent on the development of the health sector.
Meanwhile, minister of state for financial affairs Obaid Humaid Al Tayer said that MoF experts have continued to provide training on the steps and procedures required to update the budget to all federal entities that seek assistance.
