Kuwait SAB announces KD 249m financial savings in public funds

This news has been read 10514 times!

Tight supervision yields positive results

KUWAIT CITY, Nov 3, (KUNA): Kuwait’s State Audit Bureau (SAB) announced on Saturday making financial savings in public funds at the value of KD 249 million (around $820 million due) to supervisory activities it fulfilled in cooperation and coordination with responsible bodies for the fiscal year 2017-2018.

SAB’s Director of the Department of Economic and Regulatory Control Fatma Al-Busairi said in a press statement that tight supervision in the fiscal year 2017-2018 increased the saved fund by KD 60 million (around $197 million) compared to fiscal year 2016-2017, when the saved amount reached KD 234 million ($770 million).

The tight supervision control is divided into financial and non-financial, and has resulted from SAB supervisory task, she said. The financial control is reflected in achieving measureable public benefit like decreasing expenses or increasing income, while non-financial control is represented by achieving a non-measureable public benefit and supported with proofs like improving the performance of the work institution, she added.

The financial control has saved funds valued at around KD 294 million ($968 million), distributed to the bodies included in SAB’s supervisory activities, with the ministries and other public bodies’ share standing at 70 percent, and the independent entities 18 percent, she said.

That of companies of annexed budgets was at 10 percent, while that of bodies of attached budgets stood at two percent, she said. The financial control gained from subsequent control reached KD 277 million ($912 million), 94 percent of the total value, while the non-financial control gained from the pre-censorship KD 17 million ($55 million) which makes only six percent of the total value, she said.

The financial control of the governmental sector reached KD 264 million (around $869 million), which reached KD 30 million ($98 million), while the non-financial control effects of the governmental sector reached 123, and 15 to companies sector, she added. Meanwhile, the non-financial control represented in non-measurable public benefit reached 138 distributed to various bodies, ranging from 43 percent to bodies of independent budget, and 11 percent to companies, she affirmed.

This news has been read 10514 times!