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Deficit Decline Expected by Dubai Budget Chief

Dubai : 24 August 2010

Dhahi Khalfan expects the budget to remain on track and the deficit to stay below 2% of the GDP

The budget chief stated that this year’s deficit will be lower than last year’s.

He also noted that the budget is on track and there are no plans to implement new tax.  Dhahi Khalfan Tamim expects that the deficit will not exceed the 2% of GDP amount set out in the 2010 plan.

The emirate’s budget committee head noted that the 2010 deficit for the Dubai government’s budget may be lower than 2% of the GDP, the projected amount.

Dubai’s projected budget gap for 2010 is Dh6 billion ($1.6 billion), a rise from the Dh4.2 billion budget gap expected in 2009.

Dhahi Khalfan Tamim made his statement as Dubai officials gathered, noting that the committee will not exceed the planned for budget deficit and may actually lower that amount.

More control and other improvements in the Dubai government’s financial operations have been a focus from the time of the global economic crisis.

Tamim noted that the government is not introducing alternative means of boosting government income.  Tamim wanted to maintain the status quo both as a resident and a member of government.  He stated his desire to make Dubai the “cheapest city in the region.”

Detailed budget figures are not provided by the emirate.

Tamim noted that this year’s government budget would remain on course, in line with the previous predictions.  The government is committed to working hard in their effort to remain within budget.  Tamim is also the police chief in the emirate.

Another official figure at the gathering, Abdulrahman Al-Saleh, noted that the Department of Finance was not experiencing any pressures to tackle the budget.  Saleh is the director general of the Department.

Saleh noted that the finance team is at work on the budget and his department is “not under pressure.”

Back in February Saleh had noted a plan to trim 15 per cent off of government operating expenses this year in an effort to close the budget gap.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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