The budget document of any country contains the information on different sources of revenue and allocation of expenditures for a given period of time which is usually one year. The budgetary system provides guidelines to the leadership of a country on how to prepare budgets. Through the budgetary system the leaders of a country decide how to spend money and on what items should the money be spent. When the allocation of expenditures has been estimated, the sources to generate revenue for this spending are projected.
The budgetary system of UAE was not very large and detailed in the earlier years but the budgetary system has come quite far in terms of size and efficiency in the recent years. In the initial years of the united emirates the budget did not cover a wide range of development expenditures and the main source of income was the abundance of oil present in the emirates. The leadership of UAE and the ministry of finance and industry have been making efforts to prepare balanced budgets after implementation of the Federal law No. 23 in 2005. The ministry has somewhat succeeded in achieving this goal since the budgets being announced after 2005 are more balanced as compared to the previous budgets according to Dr. Kharbash, the Minister of State for Finance and Industry (UAEInteract, 2007).
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