The UAE might issue bonds by the end of 2011 or the beginning of 2012, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, told reporters after the Federal National Council (FNC) approved the proposal to cap national debt.
The UAE at present has no public debt, as defined in the law, Al Tayer said.
In the debate over the law, FNC members rejected a proposed article allowing the government to act as a guarantor of banks in the UAE to safeguard the banking system if necessary.
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