The federal budget of the United Arab Emirates (UAE) will not be affected by falling oil prices, an undersecretary of the Ministry of Finance said.
Younis Al Khouri said that the “volume and value” of approved expenditures at next year’s budget will not change.
The global decline in oil prices “has no effect on public expenditure,” said Al Khouri.
The 2015 budget was approved last week at AED 49.1 billion ($13.36 billion) by the consultative Federal National Council, up 6.3% from this year, but it is still pending approval by UAE’s Supreme Council.
The UAE is a well-diversified economy and revenues from oil do not comprise the bigger share of total revenues and growth. Not to mention the massive fiscal reserves the UAE has.
The budget was passed by decree on Monday.