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'General Budget Committee' holds its first meeting 14 October 2020
ABU DHABI, 14th October, 2020: H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has chaired the first meeting of the General Budget Committee, held at Qasr Al Watan.
The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Abdulhamid Saeed, UAE Central Bank Governor.
During the meeting, the committee discussed the general budget of the Union for the 2020 fiscal year, as well as other topics that include the development phases of the budget and the draft general budget for 2021.
The committee presented the progress of the budget’s implementation and related cash flows, in light of the financial updates of federal authorities and the unprecedented measures taken by the federal government to contain the coronavirus, COVID-19, pandemic.
The Ministry of Finance was commended for its efforts to draft the budget for 2021, according to the best global principles and practices and through remote coordination with relevant federal authorities, as well as to implement all strategic projects as part of the 2020 budget, despite the exceptional global economic circumstances.
The committee also stressed the importance of continuing positive improvements and maintaining the level of services provided to the entire community, in light of the unexpected conditions witnessed by the country and the rest of the world.
The budget’s expected cash flows were also presented, in light of the financial information provided by federal authorities, as well as developments related to the draft 2021 budget.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, recently approved the establishment of the committee, headed by Sheikh Hamdan bin Rashid, with Sheikh Mansour bin Zayed being appointed as the committee’s vice president, and with the membership of Sheikh Abdullah bin Zayed, Al Gergawi and Al Tayer.