Friday , October 20 2017

‘No solution to budget deficit’

KUWAIT CITY, Jan 31: The Supreme Council for Planning called the attention of the Government, specifically the Ministry of Finance, about the budget deficit after the release of a report confirming that the budget for fiscal 2016/2017 does not include any solution or serious procedure to address the deficit, reports Al-Qabas daily quoting sources.

Sources revealed the report warned about the dire consequences of announcing an unprecedented budget deficit in Kuwait’s history, without any form of commitment from the government’s side or a program to solve the problem.

Sources said the report highlighted the fact that the economic situation has been deteriorating, asserting the economy will be shaken terribly if the current rate of public spending continues. Sources added the report pointed out that the country might be unable to protect the citizens’ welfare in the long run, due to the lack of serious actions to stop unnecessary depletion of resources and budgetary imbalance.

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