VOL. XXXI

NO. 8

30-NOVEMBER-1987

Financial and Banking

FEDERAL BUDGET CRISIS DEEPENS IN UAE

The Federal Government of the UAE, long plagued by budget problems, now facesa serious crisis in meeting its payment obligations as a result of high defensespending and lack of a budget agreement (MEES Associate Editor Mehran Nakhjavaniwrites from Dubai). According to figures published by the Central Bank, theFederal Government's deficit more than doubled during 1986 to reach Dh889.2mn($244mn), despite a...