Undersecretary of the Ministry of Finance: The UAE policy in managing public debt aims to enhance confidence in the economy and not to finance the budget
Dubai on May 1 / WAM / His Excellency Younis Haji Al -Khoury, Undersecretary of the Ministry of Finance, stressed that the policy of the United Arab Emirates in the management of public debt is adopting a strategic approach aimed at enhancing strong confidence in the national economy and consolidating the principles of financial transparency, and is not related to covering the state’s general budget expenditures.
In press statements on the sidelines of the second edition of the Financial Media Forum organized by the Ministry of Finance today in Dubai, Al -Khoury explained that the state began to issue denominated bonds in dollars, and then moved to the released publications in dirhams, which are not aimed at financing expenditures, but rather to contribute to building the curve of the dirham in the UAE financial market.
On the revenues of bonds, the Undersecretary of the Ministry of Finance said that the UAE invested these returns in financial assets related to the nature of bonds, in order to preserve the financial balance and the sustainability of economic policies, stressing categorically that none of these returns was not used to finance the public budget.
She touched on the recent fluctuations in oil prices in global markets, noting that they were of a temporary nature, and stressed that prices returned to their levels at the beginning of the year.
He stressed that the UAE adopts a proactive approach by allocating financial reserves to face emergency challenges, which contributed to preserving a balanced budget and achieving financial surpluses during the last period.
Regarding the issues of the bonds denominated in dollars, His Excellency Younis Al -Khoury explained that the amounts allocated under the Cabinet Resolution have been exhausted, and that any new publications will be announced at the time after the fulfillment of the approved legislative procedures.
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