Page 24 - DOF Annual Report 2018

24 Annual Report 2018 - Department of Finance
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First outputs group: Fiscal Policy and Budgeting
This outputs group aims to prepare the Fiscal Policy of the Government, prepare and execute the General
Budget, and take the necessary measures to verify compliance with it.
The Fiscal Policy and Budgeting outputs group comprises of the following main outputs:
Fiscal Policy General Budget Fiscal Policy
Law No. 1 of 2017 concerning the Financial System of the Government of Abu Dhabi defined the Government’s Fiscal Policy as: “The framework, rules and mechanisms adopted by the Government to influence the economic and financial activity for the Emirate for a specific period of time. This is possible by determining the volume of public expenditure, revenues, public debt, tax and fees in order to achieve specific economic and social objectives.” Therefore, this output includes the preparation of a general framework for the Fiscal Policy, fiscal rules, targets for Government revenues and expenditure cap which ensures macroeconomic stability and creates an enabling environment for private sector growth, creating jobs and reducing financial risks.
Fiscal Policy Goals:
Economic Macro- Growth economic
Stability
Avoiding unemployment
Save for the Future
Welfare and Social Stability
Maintaining stability of the levels of general prices
Fiscal policy along with the fiscal rules seek to achieve balance between these goals