Audit Bureau says 56 mln dinars debt owed to govt not collected by Finance

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KUWAIT CITY, Oct 31: Amidst the state’s current financial constraints, the Audit Bureau has brought to light concerning financial discrepancies in the Ministry of Finance’s final account for fiscal 2021/2022.

Notably, there are outstanding government debts amounting to 56 million dinars that have remained uncollected or unresolved for several years, a clear breach of budget execution regulations.

The Audit Bureau also highlighted a lack of precision in the Ministry of Finance’s revenue estimates for certain items and categories during the preparation of the draft budget for the fiscal year 2021/2022.

This deviation from the guidelines outlined in the Ministry of Finance’s Circular No. 6 of 2020 concerning budget estimates led to substantial disparities between the estimated collections and the actual results, some of which exceeded 100%. This discrepancy signals the Ministry’s inability to attain the objectives for which the estimates were included in the budget.

Furthermore, the Audit Bureau uncovered a decline in the disbursement of allocated funds for specific development plan projects.

This situation signifies the Ministry’s inability to execute these projects in alignment with their intended goals, violating budget execution regulations. Additionally, it may result in an increase in the overall costs of these projects due to inflationary factors over the years. The report also emphasized inaccuracies in the request for a transfer from the supplementary appropriation, totaling 4,008,251 dinars.

By Mahmoud Shendi

Al-Seyassah/Arab Times Staff

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