(MENAFN) An expansionary federal budget for 2018 has been approved by the United Arab Emirates cabinet with spending projected at Dhs51.4 billion, in which a rise of 5.6 percent from the original budget plan for 2017, the government said on Tuesday.
Set to have a zero shortage, the projected rise in next year's budget contrasts with almost flat spending in this year's budget.
The International Monetary Fund estimates that economic growth in the UAE has slowed sharply this year - to 1.3 percent, less than half last year's rate - while a rise of oil prices to two-year highs in recent weeks has given the government more money to spend.
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