Dubai has released a 2013 budget plan that would raise spending moderately while cutting the size of its deficit by 18 percent, aiming to balance boosting economic growth with fixing state finances after its 2009-2010 debt crisis.
Authorities could have eliminated the deficit entirely but decided instead to increase state spending in order to fund welfare and infrastructure projects, Abdulrahman al-Saleh, director general of the department of finance, said on Monday.
Saleh said that by cutting the annual deficit to below 0.5 percent of gross domestic product, the 2013 budget demonstrated Dubai's commitment to balancing its budget over time.
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