By Ramy Sameeh
Abu Dhabi – Mubasher: The UAE aspires to adopt the public debt law by the end of 2016, said Younis Haji Al Khoori, the undersecretary of the Ministry of Finance, on Tuesday.
“Talks are currently underway with the central bank over a single clause related to the debt ceiling and service", Al Khoori revealed in a press conference, adding, “We hope to release the law this year”.
The new law will allow the federal government to issue dirham-denominated bonds and the central bank to auction short-term treasury bonds on behalf of the government.
After passing the law, the UAE will ask international agencies for credit rating in order to know the required amount of bonds that could be issued, he concluded.
