The UAE will boost its 2022 federal budget spending by an additional Dh1.23 billion ($334.9 million), according to the Federal National Council (FNC).
The FNC said on Twitter that the increased spending will come from the federal government’s general reserves.
At the same time, the UAE’s revenue is expected to grow by about Dh374.9 million. The government approved a federal budget of Dh58.9 billion in October 2021.
Dr Tariq Humaid Al Tayer, chairman of the FNC’s committee on Financial, Economic and Industrial Affairs, said the FNC on Tuesday approved two federal bills, including a supplementary budget for the federal government for the fiscal year 2022, and a draft amendment bill to some provisions of Federal Decree-Law 26/2019 regarding public finance.
The amendments approved by the FNC to some of the provisions of Federal Law No. 26 of 2019 regarding public finance included the definition of the consolidated final account, the introduction of some provisions regulating subjecting of government companies to the Public Finance Law, and the introduction of some provisions regulating the accounting standards approved for the UAE.