Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, chaired a meeting of the Financial and Economic Committee at the Presidential Palace to discuss the monetary situation of the federal government for the 2014-2016 fiscal years and expected monetary flows for the 2014 fiscal year.

The meeting also reviewed estimated revenues and expenditures of the federal government during the medium-term fiscal plans for the 2014-2016 period. Methods of increasing government revenues for the year 2014 were discussed in light of previous recommendations. In this context, the committee took note of the latest efforts for coordination with other concerned authorities concerning standard procedures for introducing mechanisms for collecting revenues.

Also discussed were draft budgets of federal ministries and entities for the 2015 fiscal year within the medium term draft federal budget framework for 2014-2016, developed in alignment with federal government strategic objectives to provide best in class government services consistent with the UAE wise leadership’s vision and in implementation of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan’s pledge to deliver more welfare and prosperity to Emirati citizens, and in realization of the vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make the life of citizens easier though provision of the best public services swiftly, using the latest state-of-the-art technology.

The committee directed the Ministry of Finance to take the necessary measures to ensure that 2015 draft Union budget is submitted in the planned legal and constitutional times.

Present at the meeting were Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Deputy Chairman of the Committee; Sheikh Abdullah Bin Zayed Al Nahyan, Foreign Minister; Sheikh Hamdan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research; Mohammad Bin Abdullah Al Gergawi, Minister for Cabinet Affairs; Sultan Bin Saeed Al Mansouri, Minister of Economy; Abdullah Bin Mohammad Bel Haif Al Nuaimi, Minister of Public Works and Obaid Humaid Al Tayer, Minister of State for Financial Affairs.