UAE keeps planned spending flat in 2017 relative to previous year’s budget
The cabinet of the UAE approved a AED48.7bn federal budget for 2017, which is almost level with the original budget of AED48.6bn for 2016. The UAE federal budget traditionally accounts for only 14% of total spending in the country. The IMF said that it projects that the UAE will post a consolidated fiscal deficit, including the federal government and all the emirates, of 3.9% of GDP this year. The cabinet also approved a AED248bn federal budget for the next five years through 2021. (Reuters)
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