Federal Budget Records of UAE surplus by AED 9.75bn in the first half of 2020 | Push Digits Chartered Accountants

Federal Budget Records of UAE surplus by AED 9.75bn in the first half of 2020

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Federal Budget Records of UAE surplus by AED 9.75bn in the first half of 2020

According to the Ministry of Finance’s Budget EXECUTION Report, till the end of 2020’s Q2, the total spending of the United Arab Emirates federal government was Dhs24.9bn.

Meanwhile, the total revenues of the government were reported as Dhs34.7bn.

Hence, WAM, the official agency for news reported that the total surplus of the budget stands at around Dhs9.75bn.

Through another breakdown, it was revealed that at the end of the first quarter the budget surplus was Dhs1.8bn and when the second quarter ended, it increased to Dhs7.95bn.

By the end of June, the Ministry of Finance’s revenues for Q1 hit Dhs19.451bn. Meanwhile, Dhs1.9bn was reported for the MOHRE, the Ministry of Human Resources and Emiratisation, and Dhs5.4bn for the Ministry of Infrastructure Development.

The Ministry of education, in context to expenses, spent Dhs2.97bn and the total expenditure of the Ministry of Health and Prevention went up to Dhs2.12bn, as it fought against Covid-19.

The Ministry of Infrastructure development’s expenses went up to Dhs295.4m, while MOHRE used Dhs362.4m.

The UAE cabinet allowed the budget of Dhs61bn in October 2019, with zero deficit for the following year.

In 2019, the Federal Budget was Dhs60.3bn, which was an increase of 17.3% more than the 2018’s budget.

From 2020’s Dhs61bn budget, one-third was kept aside for the social development sector.

At the beginning of the current month, the government of Dubai released a ten-year Islamic Sukuk of $1bn with a profit rate of 2.763%. Moreover, thirty-year government bonds that are of $1bn with an interest of 3.90%.

Abu Dhabi also issued a $5bn multi-tranche and more.

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