NO. 9


Financial and Banking News

Budgets & Revenues

UAE Budgets for a Hypothetical Deficit

The UAE Federal Cabinet approved a 1989 draft budget on 28 November whichincludes a deficit almost identical to the one for 1988. However, according tothe Minister of State for Finance and Industry, Mr. Ahmad al-Tayir, the closingaccount for the fiscal year 1988 showed that no deficit was actually recorded,for the first time since the early 1980s, and he predicted that for 1989...