UAE Business: UAE plans to boost 2022 federal budget spending by $335m – Gulf Digital News

UAE Business: UAE plans to boost 2022 federal budget spending by $335m – Gulf Digital News

The UAE is set to boost its 2022 federal budget spending by an additional AED1.23 billion ($335 million) and it estimates that revenues will be higher by AED374.98 million ($102 million), said the Federal National Council on twitter. This increased spending will come from the government’s general reserves, it stated.

The UAE in October last year had approved a 2022 federal budget of AED58.9 billion, it added.

Dr Tariq Humaid Al Tayer, chairman of the FNC’s committee on Financial, Economic and Industrial Affairs, said the FNC on Tuesday approved two federal bills, including a supplementary budget for the federal government for the fiscal year 2022, and a draft amendment bill to some provisions of Federal Decree-Law 26/2019 regarding public finance.

This came at the 13th session of the third ordinary term of the Federal National Council's 17th legislative chapter, which was chaired by Saqr Ghobash, Speaker for the FNC, today.

The approved amendments to the law include a new definition for consolidated final statements; several provisions to expand the scope of the public finance law to include government companies; and the introduction of some provisions regulating accounting standards applicable in the UAE.

The definition of a consolidated final account has been amended as follows: "An