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moncler hermine outlet UAE government approves higher federal spending for 2015 - PMReutersReuters   7 hours ago

DUBAI (Reuters) - The United Arab Emirates approved a draft federal budget of 49.1 billion dirhams (8.31 billion pounds) for 2015, almost half of which will go towards social development and welfare, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said.

The projected federal spending of one of the world s top crude oil exporters is up from 46 billion dirhams in the original budget for 2014.

The budget is balanced: expenditure equals income. It funds all of our plans for the government according to strict financial standards, Sheikh Mohammed, who is also Dubai s ruler, wrote on his official Twitter account.

The UAE federal budget accounts for only around 14 percent of overall fiscal spending in the UAE. The seven individual emirates, mainly oil-producing Abu Dhabi, make up the rest.

Social development and benefits account for 49 percent of spending. Government services will receive 20 billion dirhams, Sheikh Mohammed said.

On a consolidated basis, including the federal government and the emirates, the UAE is expected to run a budget surplus of 7.0 percent of gross domestic product this year, a Reuters poll of analysts showed in September. That is projected to shrink to 5.8 percent in 2015 as revenue is expected to decrease because of weak oil prices . .

The UAE does not publish its consolidated fiscal data on a regular basis. The International Monetary Fund forecast this month that the UAE s consolidated government spending would ease to 349.2 billion dirhams in 2014 from an estimated record 354.5 billion dirhams in 2013.

Last year s consolidated surplus was 157.5 billion dirhams, or 10.7 percent of GDP, the lowest level since 2010, the IMF said.

(Reporting by Martin Dokoupil; Editing by Andrew Torchia)

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