NO. 20


Financial andBanking News

Budgets & Revenues

UAE Agrees Standstill Budget For 1994, Looks For More Non- Oil Revenue

The UAE federal budget for 1994, which was passed by the federal cabinet on 7February, cuts spending slightly from the 1993 budgeted level while assuming a2% increase in revenues. However, since the 1993 spending plans were reviseddownwards to Dh17.37bn ($4.73bn) at the end of last year, the projectedexpenditure for 1994 represents a slight...