The General Budget Committee discussed the federal budget for the 2022-26 period in the light of the recent updates to the Ministry of Finance’s budget development procedures
 
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, on Wednesday chaired a meeting of the General Budget Committee, held at the Expo 2020 Dubai venue.

The meeting was attended by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs; Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs; and Khaled Mohamed Balama, Governor of the Central Bank of the UAE.

The General Budget Committee discussed the federal budget for the 2022-26 period in the light of the recent updates to the Ministry of Finance’s budget development procedures. The committee also reviewed cash flows expected in the 2022 fiscal year and the five-year period extending from 2022-26, taking into account projected revenues of federal entities, and public spending priorities related to development projects.

The General Budget Committee directed the Ministry of Finance to continue working on the draft budget for the 2022 fiscal year, and prepare detailed estimates for the federal budget for the next five years, taking into consideration the country’s strategic objectives and projects planned for the next 50 years.

The meeting also reviewed the federal government’s expenditure policy for the 2021 fiscal year, and revenues of federal entities in the third quarter of this year. It also reviewed national income in light of the growing pace of economic recovery.