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12-06-14

UAE to cut fiscal spending this year

(MENAFN) The UAE is expected to cut its fiscal spending this year as its economy is significantly growing and private credit growth is recovering, according to Arabian Business. The International Monetary Fund said: "The combined federal and emirate budgets imply further fiscal consolidation this year. It was appropriate as it would undo earlier fiscal stimulus that is no longer needed." The Fund said cuts would be made in security, defence, and other current expenditures. Both Abu Dhabi and trade hub Dubai are aiming for gradual fiscal consolidation.