The debt legislation, which needs presidential approval to become law, is a key step towards the issuance of the country’s first sovereign bond and is also expected to help revive local currency debt market.
The Federal National Council (FNC) cleared two federal bills regarding the public debt to the tune of Dh200 billion and the federal budget and budgets of autonomous entities for 2011, according to Wam.
The government may sell federal bonds at the end of next year or early 2012, the Minister of State for Financial Affairs Obaid Humaid Al Tayer told reporters in Abu Dhabi.
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