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128148
Wed, 06/16/2010 - 13:44
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GDP is growing steadily: Tayer tells FNC

Abu Dhabi, June 16, 2010 (WAM)- The state's financial situation is ''sound'' and economic indicators are ''positive'', Obaid Humaid Al Tayer, Minister of State for Financial Affairs, affirmed yesterday.
''The Gross Domestic Product (GDP) is growing steadily and the situations are positive in general as there is state indebtedness at all,'' the minister told a Federal National Council session held to discuss the policy of the ministry of finance.
Al Tayer said his ministry had reaped interests amounting to Dh3.2 billion from 39 agreements the UAE has signed with other countries. The ministry, he indicated, has also collected Dh450 million out of Dh 1.5 billion in deferred revenues like rents and debts which have not been deposited to the state coffers for different reasons.
In a set of recommendations, the FNC demanded all emirates to contribute to the federal budget, and called for energising the ministry of finance to assume its legal functions in regards to collection and recovery of federal fees and adopting an affective mechanism to design a state budget that meets all requirements of ministries to enable them implement their strategic plans.
The recommendations also stressed the importance of enhancing the ministry's role in internal auditing and legal accountability with the aim of putting an end to financial irregularities.
State entities should be prepared to embrace the zero-based budget and implement Emiratisation plans especially in technical and specialist fields, the recommendations said.
Al Tayer indicated that Emiratisation rate reached 35 per cent in technical jobs and 56 per cent in general average.
According to him, the ministry's key objectives are to find stable revenue sources at the federal level, achieve the highest return from the Federation's resources, and optimum use of them. At the end of debate, the house decided to refer the recommendations on the policy of the ministry of finance to the competent committee for further study and review so as to be endorsed in the next session. – Emirates News Agency, WAM

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