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Volume :18 Issue : 70 1993      Add To Cart                                                                    Download

“THE UAE BUDGET DEFICIT AND THE MEANS OF SOLVING IT”

Auther : Dr. Yousug Khalifa Al-Yousuf

 

         The objective of the present paper is to explore the nature, implications, determinants and solutions of the UAE Budget deficit, which has emerged since the early 1980’s and persisted to the present time.

         The paper consists of an introduction, five parts and a conclusion.  The first part of the paper presents a broad view of the budget deficit and it’s developments during the decade of the 80’s.  The second and third parts consist of detailed analysis of the consolidated account of UAE revenues and expenditures during the period at hand.  Then in the fourth part, the author proposes some ways and means of dealing with the deficit in the coming years.  And finally the paper concludes with a brief exposition of the major factors that will influence the future developments of the budget deficit and they include oil prices, military expenditures and financial and administrative reforms.

         The major conclusions of the paper could summarized as follows:

FIRST:

        The oil bonanza of the 1970’s is not likely to repeat itself in the foreseeable future, which means that the revenues of the UAE and the other GCC countries are not expected to change significantly from their levels in the late 80’s.

SECOND:

        And following from the first conclusion the cure of the budget deficit will have to be tackled through the rationalization of expenditures.

FINALLY:

        Economic integration among the GCC countries is a necessary step for the achievement of real development in these countries because such an integration would result in the strengthening of the bargaining position of the countries of the region vis-à-vis the rest of the world leading to a better terms of trade (examples: stable oil prices, low import prices, access to western markets, availability of modern technology and skills).  Furthermore this integration will widen the market, eliminate duplicity in projects and increases the linkages between the economies of the GCC countries.

 

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