Financial and Banking News


UAE Finance Minister Says Governmrnt Borrowing Is Unnecessary 

The UAE Minister of Finance and Industry, Shaikh Hamdan ibn Rashid al-Maktum, has recently stated that the UAE Government will not resort to borrowing to finance its federal budget deficit of Dh3.637bn ($991mn) in fiscal 1985, and that it will continue with its policy of rationalizing expenditures in an attempt to reduce the deficit. He went on to say that with the exception of...