Thursday 24 December 2009

Finance ministry on the defensive

The Minister of State for Financial Affairs defended the UAE’s handling of the financial crisis before the Federal National Council (FNC) as it hammered out a Dh43.6 billion (US$11.87bn) national budget for next year.

“The federal government has endured many crises throughout its 38 years, but this financial crisis is the worst, despite the denial of officials in this regard,” Obaid Humaid al Tayer said.

Mr al Tayer came under a barrage of criticism from members of the advisory body who questioned the ministry’s request for the same budget allocation as last year – about Dh228m – although only 70 per cent of it had been spent this year.

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