The UAE does not need to issue sovereign bonds to finance a small deficit in its 2012 budget as it will use its own financial resources to bridge the shortfall, according to the Minister of Finance.
Sheikh Hamdan bin Rashid Al Maktoum, Dubai's deputy ruler, said the Ministry of Finance has completed studies on the proposed public debt law and it would be presented to the federal cabinet for further study and endorsement.
In a statement published on the Ministry's website, Sheikh Hamdan said the public debt draft law is on par with international standards, including those recommended by the World Bank and the International Monetary Fund.
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