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Thursday , January 21 2021

Draft law eyed to prep public budgets, control implementation, final budgets

‘New law to replace Law No. 31 of 1978’

Finance Minister Nayef Al-Hajraf

KUWAIT CITY, Jan 27: The minister of finance said the ministry is in the process of drafting the new law to prepare the public budgets and control the implementation and final account, in its final form, pointing out that it will reduce waste, and control spending, and will be in line with the program, reports Al-Jarida daily.

“The new law will replace Law No. 31 of 1978, which is more than 40 years old,” the minister told the daily. “There are a lot of new developments in the fiscal theory that are working to improve public budgets,” he said. “We need to keep up with these changes.”

He added that the modernization of the budget preparation law aims to strengthen the role of the Ministry of Finance in maintaining the sustainability of the country’s financial resources. He pointed out that everyone believes that the old law cannot be as effective as it was in 1978, “so we introduced the draft law, and took its session in the Council of Ministers and the Department of Fatwa and Legislation, and we involved some public benefit quarters and associations to express opinion. He pointed out that the project may be full blown out of Law No. 31 of 1978 and replace, or be amended, noting that there are two ideas which have not crystallized either of them until now.

It is noteworthy to mention that the new project requires government agencies to provide the ministry with an annual financial report within 3 months of the end of the fiscal year, including the results of performance measures and effi- ciency indicators and the differences between expenses and estimated and actual revenues, and explain the reasons, feasibility study and timetable if new capital projects are proposed.

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