UAE’s Ministry of Finance has revealed that the federal government has had a surplus budget for the first (Q1) as well as the second (Q2) quarter of 2020.
As per the Budget Execution Report released yesterday, the total expenditures of UAE federal government bodies reached $6.80 billion by the end of the second quarter of 2020, while the total revenues reached $9.46 billion.
The report shows that the government posted a budget surplus of $2.65 billion in the first half of 2020, and a surplus of $2.16 billion in the second quarter, considerably higher numbers from a surplus of $490 million accrued in the first quarter of the same year.
While the revenues generated by the Ministry of Human Resources and Emiratisation touched $544 million during the second quarter of this year, other federal revenues stood at $4.51 billion.
The report revealed that the spending by the Ministry of Education reached $810 million, while other federal expenditures stood at $2.25 billion. The expenditures of the Ministry of Health amounted to $577 million, while the Ministry of Community Development’s spending stood at $417 million.
Ministry of Human Resources expenditures touched $98.66 million, while the Ministry of Infrastructure Development’s spending was at $80.31 million.
The UAE Cabinet approved a zero-deficit federal budget of Dh61.354 billion for 2020 making it the largest budget ever since the founding of the UAE.