The Federal National Council (FNC) has given its approval for the Federal daft budget for 2009, the biggest in the history of UAE.
The FNC session chaired by Speaker Abdul Aziz Abdullah Ghurair was attended by Minister of State for Foreign Affairs HE Dr. Anwar Mohammed Gargash and Minister of State for Financial Affairs HE Obeid Humaid Al Tayer.
The Dh42.2bn no-surplus and zero deficit budget covers all ministries and the affiliated federal institutions.
The FNC also obtained an approval from Al Tayer to increase the budget by AED 53mn.
Al Tayer disclosed that the Ministry of Finance and Industry is planning to prepare a revenue law, which will incriminate the default by individual emirates to contribute their shares to the federal budget income. Some members in the FNC had raised this issue during the discussion of the draft budget. – Emirates News Agency, WAM
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