Dr Omar bin Sulaiman, Governor of Dubai International Financial Centre (DIFC), yesterday said a portion of the $10 billion (Dh36.7bn) that the Dubai Government raised as subscription from the UAE Central Bank to its long-term bond programme would go to government-linked companies seeking to repay debt, and a majority of the funds would be injected directly into the economy.
"The most important thing is that the economy gets the money because that is the main focus. Remember that even if you pay debt it means you feed cash to pay the economy so the net effect is the same," said Sulaiman, who also serves on the emirate's six-member Supreme Fiscal Committee.
Addressing an open forum of the British Business Group, Sulaiman clarified that the Dubai Government itself has paid all its contracts and has no pending dues. "Some of the big corporates that are linked with government or owned by government got delayed in their payments to contractors and part of the support fund is to pay those suppliers. Some of them have already been paid. Some are in the process of getting paid," he said.
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