Budget 2023: Sharjah Rules Approves $8.8bn for the Emirate
The Dh32.2 billion ($8.76 billion) budget for 2023, which focuses a priority on spending on infrastructure, capital projects, and economic growth, was approved by Sharjah's ruler, Sheikh Dr. Sultan bin Muhammad Al Qasimi.
According to Sheikh Mohammed bin Saud Al Qasimi, head of the Sharjah Finance Department, "the general budget for the year 2023 is a budget with two dimensions, namely economic and social development and infrastructure, and a strategic dimension, represented in developing and strengthening the financial sustainability of the government."
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After the government of Sharjah implemented a number of initiatives to assist citizens and businesses in reducing the consequences of the Covid-19 epidemic, the emirate has been seeing rapid growth. In response to the economic difficulties brought on by the global crisis, the emirate announced Dh1 billion in economic stimulus measures in 2020, which included the waiving, reducing, or cancellation of several government fees and charges.
"Spending was rationalized in areas that do not add value to the emirate's competitiveness and financial sustainability, so the 12 percent year-on-year decrease in expenditure for 2023 does not impact key areas such as employment or economic and social development," said Waleed Al Sayegh, director general of the Sharjah Finance Department.
The budget for 2023 intends to increase the emirate's economic competitiveness while achieving financial sustainability. Infrastructure and capital projects will receive about 35% of the budget, followed by economic development at 34%, salaries at 28%, and social development at 23%. As part of measures to promote welfare and social justice, spending on social support will amount to 13% of the budget, a 5% increase over the amount allotted last year. According to the financial department, operating expenses will account for 30% of the 2023 budget, a 4% decrease from the previous year. This year, interest and loan repayments made up 13% of the entire budget, reflecting the government's ability and financial stability to meet all of its obligations.
Operational revenue makes up 69% of the overall budget for 2023 in terms of government revenue, an increase of 11% from levels last year. 11% of the budget for the following year is made up of capital revenue. With an increase of approximately 48% each year, taxes will make up about 10% of all government revenue in 2023. 4% of total revenue received from customs, an increase of roughly 4% from the previous year. About 6% of the overall revenue budget for 2023 was made up of oil and gas money, an increase of 96% from the previous year.
The Sharjah administration has considered the difficulties in the general budget. The Sharjah Finance Department's Waleed Al Sayegh said the organization is working to give families access to social support, employment possibilities, and suitable housing.
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