Abu Dhabi fiscal plan aimed at further accelerating economy

abu dhabi — Abu Dhabi officials discussed the Department of Finance’s medium-term fiscal plan for 2020-25, which focuses on preserving the economic climate and accelerating the economic growth to reflect the capital’s fiscal strength and resilience.

This was tackled during a meeting wherein Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council of Abu Dhabi and Chairman of the Abu Dhabi Executive Office, was briefed by Jasim Bu Attaba Al Zaabi, chairman of the Department of Finance and several officials.

The medium-term plan comes with a clear vision of economic diversification, efficient expenditure and revenue management and a medium-term debt management strategy as crucial pillars of the fiscal plan.

Sheikh Khalid was also briefed on the Department of Finance’s efforts during recent months and with the backdrop of global uncertainties caused by the Covid-19 pandemic, reiterating the emirate’s fiscal strength, modest levels of debt and solid asset base.

He praised the efforts to enhance the emirate’s financial strength and maintain the flexibility of its economy, which allowed the government to continue its diversification strategy and also praised the initiatives and projects implemented to serve the community. Sheikh Khalid issued a directive to continue prioritising spending on whatever helps improves the lives of citizens and residents and creates economic and social solutions that enable individuals and companies of all sizes to overcome current challenges by turning them into opportunities.

He also instructed the department, being the main partner to all government entities, to inculcate a culture of fiscal excellence, as part of the collective effort to support Abu Dhabi’s fiscal strength and resilience and implement the leadership’s vision for a prosperous economy after oil. —