Monday , September 24 2018

Expenditure for fiscal 2018/19 reaches 3.6 pct in first quarter

‘49 pc of projects are ongoing’

KUWAIT CITY, Aug 16: The first quarter follow up report on the annual plan for fiscal 2018/2019 revealed the expenditure for this period reached 3.6 percent, approximately equal to that of the same period in fiscal 2017/2018, reports Al-Anba daily.

The report disclosed 49 percent of the projects are ongoing and this figure is slightly higher than 2017/2018. Reliable sources said 18 percent of the projects (25 projects) have yet to be launched, while 21 projects have been implemented (29 percent). The report stated that 15 percent of the expenditures (KD 3.7 billion) were on infrastructure projects, 27 percent on development and increasing electricity and water production capacity, and three percent for strategic projects.

Sources pointed out 37 percent of the obstacles were administrative in nature such as the delayed issuance of licenses and slow contracting procedures, affirming that 73 percent of the obstacles have been removed. Sources added the public-private partnership projects are facing some obstacles like the railway project site and delay in connecting electricity to the entertainment project in Egaila.

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