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FINANCIAL NEWS
Abu Dhabi, Dubai reduce 2010’s fiscal deficit: IMF
06 Jul 2011
(MENAFN) The International Monetary Fund (IMF) said that Abu Dhabi’s fiscal deficit was reduced by more than half last year whereas Dubai’s was cut to just a third of its 2009 level due the increase in oil export revenues and cuts in spending, reported Emirates 24/7.
The IMF added that in 2010, Abu Dhabi’s total revenue surged to about USD51.2 billion from USD39 billion in the previous year since its oil export earnings grew to USD46 billion from USD33 billion due to higher prices and production by the emirate.
On the other hand, the IMF said that Dubai’s 2010 revenue went up slightly to around USD11.4 billion from USD11 billion in the previous year, nevertheless, expenditure was reduced to USD16.8 billion from USD25.9 billion.
It also said that Dubai’s current spending increased to around USD9.39 billion from USD8.4 billion, loans and equity fell to only USD4 billion from USD13.5 billion.
It is worth noting that in 2010, transfers from Abu Dhabi stood at USD2.9 billion from around USD3.3 billion in 2009.
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