Shar­jah 2016 bud­get spend up 2pc to Dh20b

The Pak Banker - - BUSINESS -

Shar­jah has boosted bud­get spend­ing for 2016 by two per cent to Dh20.3 bil­lion as part of a drive to cre­ate more jobs for cit­i­zens in govern­ment agen­cies.

Six per cent of the bud­get has been al­lo­cated for as­sis­tance while one per cent of the bud­get has been kept aside as re­serve for emer­gency re­quire­ments.

Twenty six per cent of the al­lo­ca­tion is for salaries and wages while 46 per cent of the spend­ing is aimed at boost­ing eco­nomic de­vel­op­ment and to en­sure sus­tain­able growth. The bud­get seeks to main­tain the spend­ing level on in­fra­struc­ture projects.

Waleed Al Sayegh, di­rec­tor-gen­eral of the fi­nance depart­ment of the govern­ment of Shar­jah, said the in­crease in rev­enue of eight per cent shows Shar­jah's strate­gic ap­proach to di­ver­si­fy­ing re­sources.

"The gen­eral bud­get has taken into con­sid­er­a­tion changes in the global eco­nomic sit­u­a­tion and un­der­scores the ca­pa­bil­i­ties of Shar­jah to move for­ward and achieve sus­tain­able growth."

The bud­get has an al­lo­ca­tion of 10 per cent for cul­tural and ed­u­ca­tional sec­tors, while 13 per cent is set apart for im­prov­ing em­ploy­ees' wel­fare, in­crease Emi­rati­sa­tion and pro­vide jobs.

"The 2016 bud­get will cre­ate about 2,500 new jobs for cit­i­zens in dif­fer­ent govern­ment agen­cies," a state­ment said.

Stan­dard & Poor's rat­ings ser­vices has af­firmed its 'A/A-1' long-and short-term for­eign and lo­cal cur­rency sov­er­eign credit rat­ings on Shar­jah, af­firm­ing the out­look as sta­ble.

"The rat­ings are sup­ported by Shar­jah's con­tin­ued growth and low govern­ment debt bur­den. Also un­der­pin­ning the rat­ings are the ad­van­tages that Shar­jah de­rives, in­clud­ing low ex­ter­nal risks.

We be­lieve that, un­der cer­tain cir­cum­stances, Shar­jah would re­ceive ex­tra­or­di­nary fi­nan­cial sup­port from the UAE fed­eral govern­ment if needed. We do not cur­rently an­tic­i­pate that such a need will arise, how­ever," said the rat­ing agency.

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