Iran “is contributing to conflicts in the region, thus opening Lebanon as a theater to many of the terrible events of the region,” Majed said during a virtual panel discussion organized by the Council for Arab-British Understanding and attended by Arab News.

Ziad Abdel Samad, executive director of the Arab NGO Network for Development, said the Aug. 4 blast was a pivotal moment for the country — symbolic as well as material. (AFP file photo). The Financial and Economic Committee of the UAE approved an increase of 2 per cent for the 2020 budget, on top of the Dh60.3 billion the government had allocated for 2019. “The second pillar of the approach would be the restructuring of the banking system in order to put back the financial sector to its right size, because it’s clearly an oversized system that the society and economy can’t sustain, but also (there would need to be) stronger regulation.

The budget is distributed amongst various sectors related to Emirati citizens and their services as follows: 31 per cent is allocated to social development The announcement included 7.8 billion dirhams for other unspecified federal expenses, or 11.1 per cent of the total budget, raising questions about its fate, although its spending was linked to lobbyists financed by Abu Dhabi and state mercenaries. Yemen through Egypt, Eritrea and Somalia.

Another immediate action would be a rationalization of the costly subsidy system that isn’t benefitting those who need it,” she added.

This amount reflects an increase of nearly 2% compared to the AED 60.29 billion budget of the fiscal year 2019, thus making the 2020 federal budget the largest since the establishment of the country. Abdel Samad, though, suggested a complete rethink of social and economic approaches in Lebanon, based on “creating a big coalition” to “adopt an urgent reform agenda” and “recover the state and stolen assets” from the political elite. “There was also the horrible explosion that happened at the heart of the Beirut port, which deepened contraction of GDP (gross domestic product).

I don’t think Lebanese citizens are willing to undergo more pain if we don’t establish a system of good governance based on an independent judiciary … strong accountability (and) transparency.”, For 2020, the UAE federal budget was $16.71 billion (61.35 billion dirhams). The UAE Cabinet approved a zero-deficit federal budget of AED 61.354 billion for the year 2020. This comes despite the escalating economic crisis experienced by the state, especially in the Emirate of Dubai. The UAE suffers greatly from the weak economy with increasing government expenditures and imposing more taxes and levies on citizens and residents. We got to a point where this debt became increasingly unsustainable, leading to basically a debt default,” she added. Lebanon is hosting more than 1 million Syrian refugees and around 500,000 officially registered Palestinian refugees,” he said.

ترأست اليوم اجتماعاً لمجلس الوزراء أقررنا خلاله الميزانية العامة للاتحاد ٢٠٢١ بمصروفات تقديرية ٥٨ مليار درهم .. مشاريعنا الوطنية الحيوية ستبقى مستمرة في ٢٠٢١ .. وأولويات التنمية ستبقى أولوية.. pic.twitter.com/7WfEqOWeal, — HH Sheikh Mohammed (@HHShkMohd) November 1, 2020. Trump administration set to advance $2.9bn drone sale to UAE, Sudan workers hired in UAE deceived into fighting in Libya, HRW…, Dr Nasser bin Gaith still denied medical treatment, UAE minister backs Macron over call to ‘reform’ Islam, UAE-backed STC register Yemenis from outside Socotra as ‘foreigners’, UAE regime is silent on its military spending in the federal budget for 2020. “It’s easy to see the collapse of Lebanon will create serious threats to the region. That’s really wiping out the savings of Lebanese (people) but also undermining many livelihoods, particularly for the poor. Lebanon’s debt has been above 140 percent for decades, and most recently it has just continued to edge up. Save my name, email, and website in this browser for the next time I comment.
Sheikh Mohammed approves Dhs61 billion zero-deficit federal budget for 2020. The UAE’s federal budget, often accounting for about 14 percent of the country’s total financial spending, is provided by the seven emirates, particularly oil-producing Abu Dhabi, the rest.

Read more: UAE reports second-quarter budget surplus of $2.65 billion amid coronavirus pandemic.

Both corruption and negligence disabled the main agencies from doing their jobs properly,” he added. Related articles. The UAE’s regime has kept its military spending in the federal budget allocated for the year 2020 in light of the escalation of its foreign interventions, especially the war on Yemen. (AFP file photo) Short Url.

It is estimated that the UAE will spend at least $ 1.3 billion a month in the Yemen war, except for ammunition, jet fuel and amortization. ($1 = 3.6730 UAE dirham)

The UAE cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the largest-ever annual zero-deficit federal budget worth $16.6 billion for 2020 (with total expenditure up by …
This is due to the state of foreign wars of the rulers of the UAE, in Yemen, Libya, Tunisia, Egypt and the Horn of Africa, where the state spends billions of dollars a month to finance those wars in recent years.

The budget for this year was 60.3 billion dirhams.

Dubai’s budget carrier flydubai said Wednesday, Nov. 4, 2020 that it will start flying twice daily to Tel Aviv beginning Nov. 26, the result of a bilateral transport pact signed in October. “The third (pillar) would be a strong social protection system that Lebanon has been lacking. DUBAI: The United Arab Emirates government approved a $15.8 billion (58 billion dirhams) budget for next year, state news agency WAM reported. Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum also adopted a three-year budget cycle from 2020 to 2022 with total expenditure of 196 billion dirhams. © 2020 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. The announcement of the federal budget for the new year 2020 identified some key areas of expenditure such as social development, infrastructure, economic resources and government affairs. “The Beirut blast … was the manifestation of the government’s failure. “It’s important to underline that any external pressure and functions can help, but won’t have the expected result unless they rely on a strong local movement able to break the status quo and lead the nation to real changes.”. More military deals have become an obsession with the minds and policies of the rulers of the UAE to serve their aggressive ambitions.

All the money in dollars amounted to more $120 billion; the Central Bank, not being able to print dollars, was unable to give (funds) back.”.

For 2020, the UAE federal budget was 61.35 billion dirhams. LONDON: Hezbollah and Iran are preventing Lebanon from enacting badly needed reforms to emerge from political, social and financial crises, Ziad Majed, associate professor and program coordinator for Middle East pluralities at the American University of Paris, said on Friday. The UAE increased the size of its 2020 budget in September, exceeding the largest budgetary plan it unveiled 2019. Clearly the whole structure of governance (needs) reform. UAE cabinet approves $15.8 billion budget for 2021, Hezbollah, Iran preventing Lebanese recovery: Expert, Denmark slaps curbs on 280,000 people to fight virus mutation, Second wave can be prevented by adhering to measures: MoH, UK bolsters economic support as England goes into lockdown, India sees early vaccine launch as AstraZeneca deliveries run late, Hezbollah ally Gebran Bassil says not scared by US sanctions, The view from Brazil: Closing the inequality gap, EasyJet scales back flying capacity due to lockdowns, Canada’s Bombardier faces UK bribery probe over plane sales, Oil storage firm Vopak to boost 2020 investments, Fitch sees growing risk as Turkish lira hits new low, Facebook removes Iranian accounts targeting Israel protests, Saudi plans to relax foreign workers’ sponsorship terms will benefit Pakistanis: Envoy, Gulf economies shrinking sharply in 2020, to pick up in 2021, Hezbollah, Gebran Bassil under fire over Lebanese government paralysis, Why China is the next stop for Middle East entrepreneurs, How e-commerce startup Little Jenaina champions local artisans in Tunisia, Why COVID-19 death rates have declined despite fresh waves of infections, For 2020, the UAE federal budget was $16.71 billion (61.35 billion dirhams), Panel discussion highlights political intransigence, economic mismanagement as obstacles to reform. Moubayed said: “We find ourselves with a lack of willingness, competence and … ability to move the country on a virtuous path. This is the largest budget allocated since the establishment of the UAE.

It’s a balance-of-payments crisis … It’s also a debt crisis. The UAE has approved a zero-deficit federal budget of AED 61.35 billion for the fiscal year 2020. For 2020, the UAE federal budget was $16.71 billion (61.35 billion dirhams).

“This obviously led to hyperinflation — more than 120 percent.

Alia Moubayed, a financial analyst, said the dysfunctional political system has contributed to Lebanon’s financial issues. Reuters. The UAE Cabinet, headed by Mohammed bin Rashid, announced the adoption of the federal budget for 2020 totaling 61.354 billion dirhams, the largest since […] The Reuters poll of 22 economists delayed to 2020 what they expect the UAE to return to a budget surplus for the first time since it began a deficit in 2015. The UAE’s military spending, which observers say casts a shadow over the country’s economy and plunged it into an unprecedented global crisis, was completely absent in the details of the federal budget. The poll, conducted three months ago, predicted a UAE surplus in 2018, which was not achieved in light of the deepening economic crisis and suffering the repercussions of military interventions and causing the Gulf crisis. Federal Budget 2020. Government Budget in the United Arab Emirates is expected to reach -18.50 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. Moubayed said this is having serious social impacts on ordinary Lebanese. November 01, 2020 10:53.

The banking system was attracting capital from abroad and offering exorbitant returns at risk of not being paid, to the extent that up to 75 percent of the assets of banks were exposed to the sovereign and Central Bank risk. Almost 80 percent of the value of the currency has been lost,” she added. Moubayed said if political change happens, a roadmap exists to solve Lebanon’s financial issues. Vice President, Prime …


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