According to reports in the regional media, the government of the United Arab Emirates has, for the first time since 1981, announced a balanced budget.
Giving details of the budget plan following its approval by the UAE Cabinet on Monday, Minister of State for Financial and Industrial Affairs, Dr Mohammad Khalfan Bin Kharbash, revealed that for 2005, total expenditure and revenues for the Emirates are both set at around Dh22.703 billion.
He went on to explain that education will continue to be the main focus of government spending, accounting for 39% of the budget allocation, with security and health spending also important priorities at 13% and 10% respectively.
Dr Bin Kharbash also reportedly announced that:
"There will be no new taxes or fees this year. Our expected revenues will be close to the actual revenues."
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