Tuesday , October 3 2023

Diversification of public revenues to reduce dependence on oil proceeds

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Call for need to adopt measurable and follow-up strategic plan

KUWAIT CITY, Oct 29: A report issued by the State Audit Bureau pointed out that with the continuation of the general budget recording of the fiscal deficit, it is necessary to take a set of measures, the most important of which are to diversify the sources of public revenues and reduce the degree of dependence on oil revenues within a strict financial plan, reports Al- Qabas daily.

This is in addition to working to rationalize spending and address the imbalances in the state’s general budget, developing the funds of the State’s General Reserve Fund instead of draining its financial resources and the need for adequate professional care from the financial administration and the development of appropriate mechanisms to collect the money owed to the state’s public treasury. On the development plan projects, the report revealed the lack of and low spending and the delay in implementing many development plan projects, which resulted in the failure to achieve all the desired goals for several government agencies, noting the presence of a number of risks related to the plan.

Weak readiness These include weak readiness of the authorities to implement the development plan projects, obstructing the achievement of the desired goals of the projects according to the planned timetables, delaying the completion of the plan and disrupting the wheel of development, delays in benefiting from projects and optimizing them, weak coordination between government agencies, which delays the completion of projects. The Audit Bureau’s report revealed new challenges in the global food security file, which prevented the pursuit of eliminating hunger and promoting healthy nutrition as a result of several factors focused on the global economic slowdown, population growth and climate change, which had a direct impact on food importing countries, including Kuwait, due to the lack of available quantities of some food items, as well as their high prices, which requires a study and reassessment of the state’s food security situation in order to preserve the health and safety of its citizens and residents.

The Bureau’s report came out with a set of facts about food security in Kuwait saying there is no strategic plan for food security that can be referenced for measurement and follow-up, which leads to instability of internal food security and increases the risks of the unavailability of some foods due to global crises “as was the case at the height of the Corona pandemic.”

This is in addition to the absence of effective periodic control and follow-up of animal production vouchers, which makes it difficult to verify the application of all the requirements of the Agriculture Authority aimed at developing livestock and the failure to take the necessary measures to achieve food security, improved nutrition and the promotion of sustainable agriculture. The Bureau’s report called for the need to adopt a measurable and followup strategic plan that ensures the stability of food security and activates the control and inspection systems for plant and animal production vouchers by adopting a periodic action plan that ensures the implementation of the authority’s requirements while taking the necessary measures towards violators.

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