The cabinet of the United Arab Emirates approved a smaller federal budget for 2021 in a sign that the country is curbing expenditure amid the coronavirus crisis and lower oil prices.
The budget for next year was set at 58 billion dirhams ($15.8 billion), state news agency WAM reported on Sunday, down from this year's 61.35 billion dirhams, which was the largest budget since the establishment of the country.
Follow Israel Hayom on Facebook and Twitter
The federal budget accounts for only a fraction of consolidated state spending in the UAE as individual emirates such as Abu Dhabi and Dubai also have their own budgets. It is, however,
The International Monetary Fund expects the UAE economy to shrink by 6.6% this year and to swing back to a modest growth of 1.3% next year.
