(MENAFN- Khaleej Times) His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has approved Dubai's budget for the year 2014, which envisages the deficit falling by 41 per cent from the planned level for 2013.
The budget is based on a set of core principles of continuing to stimulate economic growth, accentuating the social services sector, an operating surplus of Dh2 billion and budget deficit does not exceed 0.26 per cent of the emirate's gross domestic product.
The budget directly applies directives as set by Shaikh Mohammed to focus on a prudent fiscal policy that provides the stimuli necessary to economic growth in the emirate, raise the efficiency of government agencies to provide the best services and health and social care for all citizens and residents.
Abdul Rahman Saleh Al Saleh, director-general of the Department of Finance in Dubai, indicated that the emirate has succeeded in reducing the gap in the budget of 2014 between public revenues of Dh37,000 million and public expenditures of Dh37,882 million by 41 per cent compared to fiscal year 2013.
Al Saleh clarified the possibility of balancing the 2014 budget but explained the government's preference to expand its expenditures to support the emirate's economy and contribute to the higher rates of economic growth - through increased public spending, an increase of 11 per cent from the budget of the fiscal year 2013 - without sacrificing the strategic objectives of the government and work under the directions of Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, on the implementation of approved financial plans to support all the strategic sectors of the Government of Dubai.
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