UAE government to see surplus in budget in 2016, 2017 | GulfNews.com:
"Though the UAE government is expected to face a 2.9 per cent budget deficit in 2015 on the back of lower oil prices, the next year is projected to see a 0.2 per cent [budget] surplus while 2017 will see a 1.5 per cent surplus.
According to a World Bank official, the surplus in the next two years is a result of the government’s amendments and strategies to focus on boosting non-oil sectors.
“We’re not necessarily expecting oil prices to climb back, but governments are starting to adjust to the lower prices by changing their strategies, so we saw the announcement about reducing fuel subsidies in the UAE, which is an excellent policy … Such new strategies will improve the deficit and even result in a budget surplus,” said Hafez Ghanem, the World Bank’s vice president for the Middle East and North Africa region."
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