KUWAIT CITY, Oct 31, (Agencies): A number of ministries and public authorities have finished preparing their amended financial plans for the coming fiscal year, reports Al-Nahar daily quoting governmental sources. They explained that these ministries’ budget demands reduced by KD1 billion in the second review after Ministry of Finance requested them to review their expenditures for the fiscal year of 2016/2017.
The ministry has been trying to control expenses for which a number of additional measures will be applied in that regard. The sources indicated that the governmental bodies have been demanded to form realistic developmental programs that can be implemented. They went on to explain that the Cabinet requested the ministry to be accurate about the targeted implementation percentages especially since they have been receiving continuous parliamentary criticisms regarding exaggerated estimated percentages of implementation of plans.
The sources revealed that severe sanctions will be imposed on officials who are not committed to the implementation of their developmental plans, adding the fiscal program that was recently approved by Ministry of Finance has been solving several problems and has ensured the contribution of a new financial working method for accelerating the rate of financial implementation.
In other news, the Ministry of Finance is set to attend the 47th meeting of the GCC committee of finance undersecretaries due in Doha early November.The Ministry’s Undersecretary Khalifa Hamada will lead Kuwait’s delegation to the meeting which will attract GCC finance and customs officials, the ministry said in a press release.
The agenda comprises a host of key issues bearing on Gulf economic and financial cooperation, primarily the outcomes of recent relevant GCC meetings and activities, it added. During their meeting in Doha, the GCC undersecretaries will also assess the Secretariat’s reports on suggested amendments to industrial output tariff exemption guidelines and a planned inter-GCC railway.
The ministry hoped that the finance officials would come up with recommendations and suggestions that could prop up cooperation and coordination among the GCC member states in various domains, mainly in economy. The officials are scheduled to refer their recommendations to GCC ministers of finance and economy who are to come together in Doha on Nov 10