(MENAFN) The UAE's Federal National Council (FNC) announced it has approved the Union budget for 2015, with the federal budget projecting no deficit with estimating expenditures and revenues at USD13.36 billion for next year, Emirates 24/7 reported.
The council also said that the no deficit budget will result by covering the projected deficit of USD416.47 million using the State General reserve or revenues, government investment and corporate profits.
Meanwhile, the FNC also approved allocating more funds for both the expenditures and revenues in the Union budget and budgets of autonomous entities for fiscal year 2014, with them now reaching USD473.63 million and USD56.61 million, respectively.
''Based on our economic situation, we expect an economic growth of 4 to 4.5 percent this year while the IMF has predicted a growth of 4.5 per cent in 2015,'' Minister of State for Financial Affairs said, affirming that fluctuations in world oil prices will neither affect the State nor the budget.
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