Sharjah 2016 budget spend up 2pc to Dh20b
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.