ACCURATE BASIS FOR BUDGET ESTIMATIONS VITAL
KUWAIT CITY, Oct 13, (KUNA): Kuwaiti Finance Minister Dr Nayef Al- Hajraf stressed Sunday on the importance of the ministry’s role as the country’s financial director for laying safe and accurate bases for budget estimations according to four pillars; sustainability, effectiveness, modification and commitment. Al-Hajraf said in a statement after the ministry’s public meeting, that after sending the budget estimations to the government agencies for the year (2020/2021) that the expenses volume reached KD 27.7 billion (around $91 billion), which is “an amount in any case unacceptable.”
“The ministry rejected all these budgets for lack of objectiveness on which these amounts were estimated, noting that last year was estimated at KD 30.5 billion (around $100 billion) and was eventually reduced to KD 22.5 billion (around $73 billion),” he added.
He pointed out that the ministry aims to achieve financial balance in the budget through the cooperation of all governmental bodies, and seeks to control expenses realistically.
Al-Hajraf explained that achieving this goal requires the concerted efforts of everyone to work as a team within the framework of the directives of the Cabinet. He invited all government agencies to workshops separately, starting next Tuesday, in order to allow each side to submit its budget in accordance with the listed priorities to support the budget.