Kuwait gov’t development spending at 30% utilization
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KUWAIT CITY, March 31: During the fiscal year 2023-2024, the government’s total spending on development projects reached approximately 345 million dinars, representing a utilization of about 30% of the allocated budget of 1.1 billion dinars. Official figures indicate that the development plan comprised 124 projects, with 7 in the delivery stage, 62 in implementation, 42 in preparation, and 13 yet to commence, reports Al-Qabas daily. Key projects under the 2023/2024 development plan included the Northern Economic Zone Development Project, aimed at establishing a region with favorable investment laws and regulations to attract high-value global investments while ensuring transparent financial management.
Additionally, the Kuwait Airport expansion project, specifically Passenger Terminal 2, was highlighted as a strategic initiative to elevate Kuwait’s status as a financial hub by enhancing airport infrastructure and attracting international travelers. Another notable project is the development of Mubarakiya Markets and its parking lots, intending to revitalize the market economically, culturally, and enhance its tourism appeal. In terms of overall government expenditure, data from the Ministry of Finance revealed that total general budget spending over ten months of the fiscal year amounted to approximately 18.8 billion dinars. Current spending, encompassing salaries, subsidies, etc., accounted for about 17.9 billion dinars, while capital spending reached 820 million dinars out of a total allocation of 2.4 billion dinars for the year. The government’s new work program prioritizes economic reform initiatives to rebalance the national economy, aiming for sustainable economic and social well-being in the long term.
Approximately 33% of the program’s projects and financial policies focus on increasing non-oil revenues in the general budget. To address challenges and accelerate project implementation, government reports emphasize the need to eliminate delays caused by budgetary or disbursement approval delays. Efforts will be intensified to advance projects stimulating private sector involvement, especially public-private partnership initiatives. Moreover, radical solutions are sought to overcome challenges hindering project progress, including addressing significant delays in project timelines despite the absence of identified obstacles. Executive agencies involved in the plan are urged to swiftly complete their planning structures to facilitate seamless communication and coordination, enhancing project preparation and monitoring systems.
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