VOL. XLII

No. 23

7-June-1999

UAE

UAE Approves Delayed Dh22Bn 1999 Budget

The UAE Minister of State for Finance and IndustrialAffairs, Mr. Muhammad Khalfan bin Kharbash, announced on 2 June that the UAECabinet had approved a draft budget for 1999 of Dh22.910bn ($6.24bn). Thebudget, which represents a 7% increase in spending over the previous year (seetable below), foresees annual revenues of Dh20.428bn ($5.56bn), a 4% increaseover the previous year and a resultant deficit of Dh2.482bn ($676mn)....