The ministry of finance (MOF) said that the UAE will issue a debt law this year that will allow the federal government to sell sovereign bonds in the future. The MOF undersecretary Younis Al Khouri said that they are in consultation with the Central Bank. The UAE Cabinet last year approved a AED248bn federal budget for the next five years, with a prime focus on education, social development and health, as the country bucks the regional purse-tightening trend. For 2017, expenditure is projected at AED48.7bn, leaving a negligible deficit. The federal budget has three revenue sources: the local emirates’ contributions, returns from federal government investments and federal government fees and charges. (The National)
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