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UAE will not issue bonds to finance budget gap

24 Jul 2012

(MENAFN) UAE’s Minister of Finance, Sheikh Hamdan bin Rashid Al Maktoum, stated that the UAE will use its own financial resources to cover this year’s budget gap, and not through issuing sovereign bonds, reported Emirates 24/7.

Sheikh Hamdan, who is also Dubai’s Deputy Ruler, noted that the 2012 federal budget included USD12.32 billion in expenditure and USD12.19 billion revenues, thus, the deficit would reach around USD128.2 million.

The minister said that the UAE introduced fees on government services, boosted other non-oil revenue and used return from its huge overseas assets to finance fiscal gaps, and so, it has never issued bonds.

It is worth noting that in 2011, the UAE budget posted a surplus of USD19.46 billion, compared with a deficit of around USD8.02 billion a year earlier.

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