Thursday , December 14 2017

‘Finance’ seeks appropriate solutions to budget deficit – MoE refutes rumors on fee hike by American schools

KUWAIT CITY, Dec 30: The Ministry of Finance is studying the possibility of reviewing 5,000 services to identify the cost and fees as a prelude to adding them to the plan to regulate expenditures, reports Al-Shahed daily quoting reliable sources. Sources disclosed the budget deficit reached KD 6 billion, while the price of oil is expected to increase to about $50 to $60 per barrel in the coming three years but the deficit will remain in the next five years.

Accordingly, the ministry is searching for appropriate solutions to the deficit instead of withdrawing from the Future Generations Fund or borrowing from banks due to the negative effects of such steps on the sovereign classification of Kuwait, the power of the Kuwaiti dinar and comfort of citizens, sources added. Sources said the ministry is also seeking to provide comprehensive solutions to all sectors in order to reduce pressure on the general budget; in addition to varying the sources of income by developing revenues. Sources clarified the percentage of expenditures in the budget is approximately 85-52 percent of which is allotted for salaries and other related items, whereas the remaining 20 percent, which is equal to KD 5.11 billion, is for subsidies.

Acting Assistant Undersecretary for Private and Special Education Affairs at the Ministry of Education Fahd Al-Ghais has refuted rumors that American schools have increased their fees up to KD 7,000 maximum for students in the secondary stage. In a press statement, Al-Ghais clarified that Undersecretary Dr Haitham Al-Athari is the only official in charge of issuing the decision on increasing or decreasing school fees, as he is the head of the committee tasked to approve fees in the private education sector. He said the fees published recently in some newspapers were that of previous years and no decision has been taken yet to increase fees for school year 2015/2016. On the other hand, sources disclosed Head of Kuwait Union for Owners of Private Schools and Cultural Institutes Omar Al-Ghareer has asked for reviewing the existing fees of private schools and increase them by 10 percent, as well as increase the salaries of employees in these schools by six percent

Check Also

MP warns Kuwait net borrower in 10-12 years; Pay … pain

KUWAIT CITY, Aug 28: Kuwait will become a ‘borrowing’ State in the next 10 or …

Translate »