Financial and Banking News
BUDGETS AND REVENUES
UAE Cabinet Approves Standstill Budget for 1993
The UAE federal budget for 1993 projects spending of Dh17.64bn ($4,805mn), anincrease of only 1.5% over 1992. Revenue will be unchanged at Dh15.91bn($4,334bn). The deficit of Dh1.73bn ($471mn) will be covered by direct borrowingfrom commercial banks and the Central Bank, according to Mr. Ahmad al-Tayir, theMinister of State for Financial and Industrial Affairs. Speaking on...