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Friday , September 17 2021

Kuwait gov’t proposes bill to address budget deficit

KUWAIT, Aug 11: Kuwait Finance Minister Barrak Al-Shaitan said Tuesday a proposed draft law to amend Future Generation Law would contribute to addressing the State budget deficit.

The proposed bill aims “changing the way of the deduction,” Al-Shaitan said in a press statement after a meeting with members of the Finance and Economy Committee at the Naitonal Assembly.

“Instead of having the deduction from the projected State revenues, it will take place if there is a suprlus at end of the fiscal year,” he explained.
“If there is a surplus then a deduction will take place for the Future Generation Fund (FGF) and if there is no surplus then no deduction will be made,” he said about the solution proposed by the finance ministry to address the budget deficit.

Al-Shaitan, meanwhile, reiterated the government would not come close to citizens’ pockets nor employees’ rights.
The government, he added, would continue cracking down on corruption and sustain prosperity of citizens.

He said the government submitted a 2020-21 budget bill to the parliament and it was discussed by the Budget and Final Statement Committee. This budget, he added, highlighted importance of staying away from rights of citizens.(KUNA)

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