The Federal National Council, FNC, Financial, Economic and Industrial Affairs Committee has continued its discussions on a draft federal law concerning the linking of the Federal Budget to those of independent federal authorities for the 2018 fiscal year, in the presence of Ministry of Finance representatives.

The meeting was held today at the headquarters of the FNC General Secretariat in Dubai, chaired by Majid Hamad Al Shamsi, Chairman of the Committee.

The meeting was also attended by committee members Dr. Saeed Abdullah Al Mutawa, Committee Moderator, Dr. Mohammed Abdullah Al Mehrezi and Saeed Omair Yussuf. The Ministry of Finance was represented by Younis Haji Al Khouri, Under-Secretary at the Ministry, and Saeed Rashid Yateem, Assistant Under-Secretary for Financial Resources Affairs.

Al Shamsi said that the committee discussed the draft law with the ministry’s representatives, as well as the remarks of other FNC permanent committees on the budgets of various ministries while noting that the next meeting will discuss the final report and its approval, to be submitted to the FNC.

According to the draft law's explanatory note, the forecasted total expenses in the Union's general budget are expected to reach AED51.388 billion for the 2018 fiscal year while the forecasted total proceeds are expected to reach AED51.388 billion.

The draft law also considers the financial allocations to the country's strategy for the 2018 fiscal year, which is part of the government’s policy that requires federal ministries and authorities to implement strategic and operational programmes and initiatives within their estimated financial allocations, according to the budget.

The draft law consists of 34 articles, which include the Union's general budget expenses and proceeds and those of independent federal authorities. It also includes a provision that stipulates that any federal authority or ministry cannot request additional allocations unless it specifies the type and source of the required funds, as per the provisions of the decree of Federal Law No. 8 of 2011 regarding regulations on preparing the general budget, or the final account, or according to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

It also includes the ministry’s approval to undertake all necessary legal, financial and accounting procedures to cover the real expense of eliminating obstacles in government schools under the Ministry of Education, and the expenses of the offices of the Ministry of Foreign Affairs and International Cooperation outside the country, to adjust the budget of the Federal Authority for Identity and Citizenship according to the Decree of Federal Law No.3 of 2017, and to transfer financial allocations to the budgets of the country’s ministers, according to relevant Federal Decrees.