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UAE posts Dh9.75 billion in Q2 budget surplus

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The UAE federal government recorded a budget surplus in the second quarter of approximately Dh 9.75 billion, up from a surplus of Dh 1.8 billion in the first quarter of 2020.

Revenues in the second quarter were Dh34.744 billion and expenses were Dh24.997 billion, state news agency WAM said Monday, citing a report from the finance ministry.

For 2019, data from the UAE Ministry of Finance shows that the consolidated balance sheet recorded a surplus of Dh 37 billion, about 2.4% of GDP estimated in 2019.

It was the second consecutive year of the country’s budget surplus, although the size of last year’s budget surplus was smaller than it was in 2018.

For fiscal year 2020, the UAE cabinet had approved a zero deficit federal budget of SEK 61.354 billion for 2020. This is the largest budget since the creation of the UAE.

Approximately 31% of the budget has been allocated to social development which seeks to offer citizens and residents of the UAE a dignified life and achieve the goals of the UAE Vision 2021 and the UAE Centennial 2071.

The budget was distributed to various sectors related to Emirati citizens and services. While 31% was allocated to social development, 14% was allocated to infrastructure and economic resources, 6.5% to social benefits and 32.6% to government affairs.

The estimated budget for social development and social benefit programs amounts to Dh 26.7 billion, or 38% of the total budget.

To view the full article, visit the website: Khaleej

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