UAE- MoF issues Financial Circular concerning federal budget preparation

(MENAFN- Emirates News Agency (WAM))

DUBAI, 1st March, 2018 (WAM) -- H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, has issued the Financial Circular No. 01 of 2018 concerning the preparation of the draft of the federal budget for the fiscal year 2019, currently in the third year of the Ministry of Finance's, MoF, Five-Year Plan 2017-2021. The deadline for submitting the draft budget to the ministry is 19 April, 2018.

Sheikh Hamdan emphasised the ministry's commitment to its role in implementing effective financial policies that drive development and sustainability, as well as ensuring the safety of the financial system according to best global practices.

"The Ministry of Finance continues its quest to translate the government's direction into achievements that benefit the country's sustainable development. Additionally, the ministry is dedicated to achieving its strategic objectives, and contribute to the government's efforts in supporting the national economy and creating a sustainable knowledge-based economy for generations to come," Sheikh Hamdan said.

"The directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, have shaped the foundations of government work, paving the way to the UAE's continuous progress and in line with the country's centennial goals to rank first globally in different fields, and become one of the best governments in the world as well as make UAE the happiest of all countries."

He re-affirmed the necessity of government entities' commitment to prepare the budget draft in accordance with the zero-based budget principles with the rules and regulations outlined in the Financial Circular, and with the guidance of the Financial Procedures Manual, and the models and tables attached to the budget draft.

By implementing the principles of the zero-based budgeting system, the ministry aims to recalculate the costs of activities and programmes of federal government entities to reach the actual cost of the required services without over-spending. This aims to create comparisons of similar services between various government entities, private sectors and other entities, and requires to: identify the activities and services related to the agreed objectives, identify the necessity of activities and services and thoroughly analyse the cos, set the priorities based on the analysis of the cost and benefits according to their contribution in achieving the objectives.



Emirates News Agency (WAM)

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