The new federal budget confirms the strength of the UAE economy through facing CoronaTruth Consultancy
The report of the “Truth” Economic and Management Consultancy said that the UAE’s new federal budget figures for the fiscal year 2021 confirm that UAE has survived the “Covid-19” pandemic that prevailed in the world and wreaked havoc and beaten relentlessly in all aspects of life, especially economic life. The world’s most powerful economies have entered a recession and then deflation.
Reda Mosallam, the company’s director, explained in a statement singled out by “Al-Ru’ya” newspaper, the announcement of the federal budget for the fiscal year 2021 is a clear and honest indication of the strength and durability of the national economy and its strong interest in development, economic and social projects. The sectors of social development and social benefits received the largest share, as 26 billion dirhams of the total budget were allocated to the social development sector (426% of Budget), including an amount of 96 billion dirhams for public, higher and university education programs.
He pointed out that the state has paid great attention to the health care and community protection sector, as it has allocated 5 billion dirhams, representing about 8% of the total budget, indicating that the state is devoting most of its energy to confront the Corona pandemic.
According to the report, Reda Mosallam said that the budget numbers reflect the strenuous efforts made by the state agencies in order to maintain the desired and targeted growth of the state’s domestic product, mitigate the negative effects of the Corona pandemic, and provide all support to small and medium enterprises and maintain them as one of the main engines of sustainable development to the state.
Mosallam pointed out that the overriding goal that the rational government raises is to raise living standards and provide a decent life for citizens and residents of the country, and to exert every precious to achieve this.