Bid to tighten grip on unnecessary spending
KUWAIT CITY, Feb 12: A number of ministries and public institutes have withdrawn the mandate which was given to some senior officials to authorize and approve financial or executive transactions, reports Annahar daily quoting reliable government sources.
The sources added that the new administrative reforms include limiting the financial and executive mandates to efficient officials only because earlier decisions have put additional burdens of government treasury. The sources pointed out, the government has already begun a comprehensive administrative reform process affecting all institutions. A number of ministries have started adopting the new mechanisms and tighten grip on unnecessary spending, rationalize expenditures and stop the waste.
The daily has revealed only the direction of a long-sought administrative reform movement to address some of the imbalances in the structure of public projects that will open the door to wide questions that will lead to a number of officials who fail to perform their tasks, especially in infrastructure projects to answer the queries. The government has been seeking to implement an integrated program to develop the structural plan of the development plan. The government aims to make the fourth structural plan fully compatible with the objectives and programs of the current development plan and future plans. Meanwhile,Unlike many sovereign funds in the region and the world, the value of the assets of the sovereign wealth fund managed by the Kuwait Investment Authority has remained stable, reports Al-Anba daily.
A recent monitoring of the SWfiindex, which monitors the movement of sovereign wealth funds, showed that Kuwait’s assets stabilized at $592 billion and that no negative change has been recorded since the institute’s last assessment. The Kuwaiti sovereign maintained its fourth ranking in the world. While the value of Kuwait’s foreign assets has not changed significantly, the rest of the Arab and Gulf wealth funds have recorded significant and negative changes between negative and positive.
The Norwegian sovereign fund has achieved the best gains, with its assets rising by $16.6 billion to more than $1 trillion. The Abu Dhabi Investment Authority (ADIA) remained the world’s third largest asset fund with $697 billion in assets. Saudi Arabia accounted for 10.8 percent of the world’s total sovereign wealth, equivalent to 875.6 billion dollars, while the UAE accounted for 14.6 percent of the world’s sovereign wealth, equivalent to 1,190.8 billion dollars, according to the report.