FINANCIAL NEWS

UAE budget decreases by 26 percent

02 Dec 2015

(MENAFN) The UAE’s financial balance developed in the second quarter of this year, as the very successful strategy of doing away with petroleum grants has been a main reason to better financial constancy.

Moreover; the overall government debit fell by 26 percent compared to the first quarter of 2015 as it decreased from a debit of USD 3.29mn to a smaller one of USD 2.42mn.

Accordingly, the whole spending fall is in line with fiscal alliance, encouraging a quarterly year-on-year fall of whole spending by 16.4 percent in the first quarter of the cited year.

In addition, the water, electricity and energy grant removal, was effected gradually until the third quarter of 2015, which dropped the whole amount of grants by more than 93 percent.

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